Global fintech company MODIFI on Tuesday said it has acquired Seawise Capital’s trade finance and software as a service business in India, for an undisclosed amount.
"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," said Nelson Holzner, CEO and Co-Founder, MODIFI.
The company said that the transaction relates to the future business of Seawise Capital's portfolio.
"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,” said Kunal Rajvanshi, CEO and Co-Founder, Seawise Capital.
Founded in 2019 by Rajvanshi, Vidur Jain and Manish Pal, Seawise Capital is backed by startup accelerator Y Combinator. Seawise offers trade finance and technology products for its customers to help them increase their trading volumes and manage their exports efficiently.
MODIFI is a global fintech company that helps small and medium-sized businesses (SMEs) finance and manage their international trades. It claims to provide small and mid-size enterprises with simple digital solutions to finance and manage their trades, protect them from counterparty risk, and track their shipments.
It has offices spread across Berlin, Amsterdam, New York, Delhi, Mumbai, Shenzhen, Hong Kong, Dubai and Dhaka.
