- PrimaDollar today announces that its business
will, from now on, be wholly focused around its increasingly successful supply
chain trade finance technology platform. - MODIFI becomes the leading digital trade
finance platform supporting SMEs globally.
MUMBAI, INDIA
& AMSTERDAM, THE NETHERLANDS – Media
OutReach – 24 February 2021 – PrimaDollar has made the strategic decision to
focus on its category-leading supply chain trade finance platform. This is an
enterprise, SaaS, technology solution that enables large and mid-sized
importers to take control over how their international suppliers are funded and
paid. With the increasing success of this platform and focus on larger clients,
PrimaDollar’s board has determined that its existing export customers, who are
typically SMEs, will be better served by moving across to one of the dedicated
export trade finance specialists operating with a similar geographic footprint.
PrimaDollar selected MODIFI after a full market review.
The sale of PrimaDollar’s export trade
finance business to MODIFI has now completed. The transaction only relates to
future business, with PrimaDollar retaining its current outstanding trade
finance book.
MODIFI provides trade finance to
businesses across the world on a single digital platform. The company has offices in Amsterdam, Berlin, New Delhi, Shenzhen, Hong Kong
and Dubai. With digital onboarding and a paperless platform, customers can get
working capital in a matter of days. MODIFI pays exporters’ outstanding
invoices and covers the risk of buyer defaults.
Tim Nicolle, CEO of PrimaDollar,
commented that “We believe that MODIFI is the international digital trade
finance company best placed to ensure that our export finance customers across
South and East Asia will continue to receive exemplary service and a reliable
source of low-cost liquidity in support of their international trade. We
continue to be excited by the enormous growth potential open to us in trade
finance — potential that has increased substantially during the pandemic. We
are expanding quickly and expect to be an ever-growing part of the trade
finance landscape.”
Nelson Holzner, CEO and Co-Founder of
MODIFI, commented “MODIFI is delighted to take on PrimaDollar’s export trade
finance customers in a deal which is fully aligned with our mission to enable
global trade. This is a significant milestone for MODIFI as it establishes us
as the leading global digital trade finance platform supporting small and
medium-sized exporters and importers. In the next few weeks we’ll be working
hard to ensure a smooth transition and provide our new customers with excellent
service to support their growth”.
About PrimaDollar
PrimaDollar is a UK-based fintech with
offices across South and East Asia, focused on making international trade
finance work more efficiently for importers and exporters. PrimaDollar’s
category-leading technology platform enables larger and mid-sized importers to
take control over how their international suppliers are funded and paid. Major
importers around the world are moving onto the platform enabling their
international suppliers to trade on open account but with a low-cost option to
get paid at shipment. Processing trades across our platform typically saves
importers up to 2% or more on landed costs compared to the alternatives of
using a letter of credit or asking suppliers to accept long deferred payment
terms.
About MODIFI:
MODIFI is solving global Trade Finance for small and
medium sized businesses (SMEs). Founded in 2018, MODIFI is tackling a $20
trillion industry in which 50% of requests for Trade Finance by SMEs are
rejected by banks, resulting in a funding gap of $1.5 trillion annually.
Through its paperless online platform, the company empowers businesses to grow,
fostering strong international partnerships and benefitting local economies. To
see how small and medium-sized businesses can benefit from MODIFI’s digital Trade
Finance, visit www.modifi.com or follow us on LinkedIn and Twitter.
