PrimaDollar to focus on trade finance, post its MODIFI deal

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Mumbai – Amsterdam: PrimaDollar, the UK based fintech said that it will focus on its category – supply chain trade finance platform. This strategic decision comes after PrimaDollar’s sold its export trade finance business to MODIFI. However, the company hasn’t disclosed the financial details of its deal with MODIFI.

PrimaDollar’s supply chain trade finance platform is an enterprise-grade, SaaS solution focused on large and mid-sized importers. It enables them to control and manage how their international suppliers are funded and paid.

After a broader market review, PrimaDollar’s board has decided that its existing export customers, typically SMEs will be moved to MODIFI. And MODIFI will continue to serve them.

The sale of PrimaDollar’s export trade finance business to MODIFI is 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.

“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,” said Tim Nicolle, CEO – PrimaDollar.

“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,” added Nicolle.

“MODIFI is delighted to take on PrimaDollar’s export trade finance customers in a deal. This 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,” said Nelson Holzner, CEO and Co-Founder, MODIFI.

“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,” added Holzner.

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