Global fintech company, MODIFI has acquired Seawise Capital’s trade finance and SaaS business in India. While the acquisition details have not been divulged, the transaction relates to the future business of the Seawise portfolio.
A digital trade finance platform for SMEs, MODIFI spans three major trading regions of Europe, Asia, and North America - a cluster that encompasses approximately 80 percent 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 percent, 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.
Seawise Capital addresses the $2 trillion trade finance gap and provides digital working capital solutions to Indian SMEs, who are exporting goods to the UK, Europe, and the US. It also provides customers with a SaaS product to track their shipments, get paid faster, and reduce risk in international trade.
Seawise's mission is to empower small businesses to trade confidently across borders, increase the visibility of their supply chain, and reduce tied-up working capital. Founded by Kunal Rajvanshi, Vidur Jain, and Manish Pal in 2019, Seawise is a Y Combinator startup.
“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 capitalize 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.
Serving over 1100 buyers and sellers across more than 40 countries, MODIFI offers simple digital solutions that enable SMEs to trade like large corporates. Through its digital platform, the company empowers businesses to grow, fostering strong international partnerships and benefitting local economies. MODIFI currently operates out of 9 offices in Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai, and Dhaka.
(Edited by : Pradeep Suresh V)
