Global fintech MODIFI and Seawise Capital announced that MODIFI acquired Seawise Capital’s trade finance and SaaS business in India. The transaction relates to the future business of the Seawise portfolio. The parties agreed to keep further details private.
MODIFI is the only digital trade finance platform for SMEs that spans the three major trading regions of Europe, Asia and North America – a cluster which encompasses approximately 80% of global imports and exports. It provides SMEs with simple digital solutions to finance and manage their trades, protect them from counterparty risk, and easily track their shipments.
“We are thrilled to welcome Seawise customers and employees to MODIFI. It’s impressive to see the products Seawise has developed over the years, and we are excited to join forces and solve global trade for SME exporters in India. Over the past 18 months our business here has grown more than 2100%, making India our largest single market. Our strong presence in the region and an experienced local team will ensure a smooth transition and excellent customer service” says MODIFI CEO and Co-Founder Nelson Holzner.
“This is an exciting next step for us as we join forces with MODIFI. Over the last 3 years, we have built Seawise into a leading trade finance player in India offering working capital solutions and supply chain software to exporters. This deal will capitalise on everything we have built so far, giving our customers access to more liquidity and improving the way they participate in global trade” says Seawise CEO and Co-Founder Kunal Rajvanshi.
MODIFI currently operates out of 9 offices in Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and Dhaka.
