European fintech firm MODIFI launched its digital Export Finance platform in India, with an objective to enable SMEs exporters in the country to thrive and offer attractive payment terms for their international buyers. Having successfully launched the platform for SMEs in Europe in November 2018, the company has chosen India as the first market for its expansion in Asia. The company calculates that India exports some $292 billion of goods, with SMEs responsible for 40% of this trade. However, SMEs have considerable difficulty securing finance, with high rejection rates, tedious paperwork and substantial collateral requirements. MODIFI sees itself as the perfect partner for Indian companies in these testing times. The financing is ‘off balance sheet’, meaning it can be secured in addition to any outstanding loans and without increasing a company’s debt. Dr Nelson Holzner, co-founder and CEO of MODIFI, said the company is perfectly positioned to help Indian SMEs in the current environment as it can step up to meet any increased demand. The platform benefits Indian exporters as much as possible. As India renews its commitment to digital finance in the recent budget with initiatives such as TReDS, the company is confident the market is ready for MODIFI’s platform, he added.
