MODIFI is excited to announce a new partnership with an organic food manufacturer and trader from UAE. The distributor sells a variety of textiles, sugar, tapioca and coconut to large buyers in the USA and Canada.
The retailer has been performing well and is growing fast. However, whilst their bank lines have grown, they have not grown quickly enough to keep up with the impressive growth. They usually have to wait 90 days for their buyers in North America to pay. They were unwilling to renegotiate their terms with the buyer, so instead opted for a solution that would benefit both parties.
With MODIFI, they could get paid upfront, as soon as they shipped the goods, rather than wait 90 days. They invested the extra working capital in fulfilling a large order for a new client straight away, that otherwise they would have been unable to fulfil. Whilst there were other options on the table, they chose MODIFI because their platform allowed the rapid digital upload of multiple invoices, allowing a seamless transition from their old trading terms to having invoices financed with MODIFI. Moreover, since MODIFI are experts in the agro commodities industry, they were able to offer the most flexible solution at the right price.
A bonus for the client was being able to speak to local agents in MODIFI offices across the world. MODIFI is headquartered in Berlin and has offices in the Netherlands, Delhi, Mumbai, Shenzhen, Dubai, the USA and is headquartered in Berlin.
Mr. J, the CEO of the company was delighted with the results. "MODIFI provided us with leverage to accept business beyond our existing limits" he said. "With this working capital, we can take our export business to the next level. Having a financial solution that helps you adjust to supply and demand dynamics is perfect for us"
"We love helping SMEs and since we work with agro manufacturers and traders all over the world, we knew exactly where we could provide value. The fact we were able to start funding in a couple of weeks is great - we have strict internal targets and brand promises, so exceeding our customers expectations is what it's all about" said Ankit Goel, Head of UAE.
MODIFI is solving global trade finance for SMEs. Using simple digital solutions, MODIFI looks to remove the paperwork, hassle and red tape that hampers those involved in international trade, giving them the working capital and risk protection they need to thrive. Get in touch!