Banking on Innovation: HSBC Fuels MODIFI’s Global Ascent with $100 Million Backing

July 22, 2023
by
HSBC Innovation Banking UK Backs Cross-Border B2B Payments Company MODIFI with $100 Million Facility

Key Takeaways:

  • Global business payments company, MODIFI, has secured a $100 million debt facility from HSBC Innovation Banking UK, fostering further growth.
  • This partnership plays a crucial role in MODIFI’s refinancing strategy, which aims at diversifying its funding sources.
  • Both companies express excitement about the partnership and the potential to support SMEs with innovative financial solutions.

A Strategic Partnership: HSBC & MODIFI

In an exciting move set to advance global cross-border business payments, MODIFI, a global business payments company, has secured a massive $100 million debt facility from HSBC Innovation Banking UK. This partnership forms a significant part of MODIFI’s refinancing strategy, highlighting its focus on diversifying funding sources with world-class capital providers.

Nelson Holzner, the CEO and Co-Founder of MODIFI, showcased his excitement about the partnership, stating, “We are excited to partner with a top-notch financial institution like HSBC Innovation Banking to meet the growing demand of our customers for higher liquidity.” This partnership follows the recent closure of a $75 million debt facility MODIFI arranged with another leading global financial institution, marking a period of rapid financial expansion for the company.

Meeting the Growing Demand for Innovative Solutions

The partnership between MODIFI and HSBC reflects a growing demand for innovative financial solutions that remove barriers, increase transparency, and enable small and midsize businesses to trade competitively with larger corporations. Conor Sheehy, the Head of Fintech Warehouse Finance at HSBC Innovation Banking UK, shared the bank’s excitement about the partnership. “We are incredibly excited at HSBC Innovation Banking to support MODIFI as it continues on its trajectory to become a leading provider of trade finance products,” Sheehy said.

A Closer Look at MODIFI

Founded in 2018, MODIFI has quickly established itself as a global business payments company, helping exporters and importers to facilitate their international business dealings. By using its digital platform, MODIFI allows suppliers to receive instant payments while providing buyers with the option to defer their payments for up to 180 days. This innovative approach has allowed the company to establish a presence in 11 locations worldwide, including Amsterdam, Berlin, New York, Mexico-City, Delhi, Mumbai, Shenzhen, Hong Kong, Singapore, Dubai, and Dhaka. Today, MODIFI serves over 1,500 buyers and sellers across more than 50 countries, demonstrating its significant global reach.

About HSBC Innovation Banking

HSBC Innovation Banking provides flexible banking solutions tailored for start-ups, scale-ups, growth businesses, investors, and those working towards an Initial Public Offering (IPO). From comprehensive banking services to managing cashflow, planning for buyouts, and Global Funds Banking, HSBC Innovation Banking fuels ideas at every stage of their journey. This recent partnership with MODIFI is testament to their commitment to supporting innovative businesses worldwide.

The Future of Cross-Border Business Payments

As MODIFI continues its global growth trajectory, this strategic partnership with HSBC Innovation Banking UK further enhances its potential to revolutionize cross-border business payments. The generous $100 million backing from HSBC not only bolsters MODIFI’s financial stability but also equips it with the resources to scale its operations and expand its services. It’s a critical step forward, signalling a bright future for MODIFI, its customers, and the broader landscape of international trade finance.

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