MODIFI is excited to announce a new partnership with a textile manufacturer and distributor from Tiruppur, India. The distributor sells a variety of textiles, including t-shirts and sweatshirts to large buyers including Nordstrom and Tesco in the USA and UK. The retailer had to wait for 60-90 days for buyers to pay their invoices, as the buyers dictated the terms. Whilst they had been content with these terms for years, they were unaware that they could improve them in their favour, without jeopardizing their crucial trading relationship.
With MODIFI, they could get paid upfront, as soon as they shipped the goods, rather than have to wait. They wanted to get paid up front, so they could improve their working capital and invest instead in purchasing machinery to improve their production in the long term. Whilst there were other options on the table, they chose MODIFI because they have experience working with these buyers, allowing them to start factoring invoices with minimal hassle, without damaging the relationship with the buyer.
Mr. N, the CEO of the company was pleased to have the deal sewn up so fast. "We are financially strong and don't have an issue securing bank lines. However, this was the perfect solution for us to help manage our working capital better and take our business to the next level. The line has really transformed our business in an unexpected way - we were doing well already but now we can grow further".
"MODIFI's trade finance solutions are flexible and can help a wide variety of clients, not only from multiple industries but multiple sizes. I would suggest that companies who want to learn more about trade finance to get in contact because we would be delighted to help." said Ravi Narwani, MODIFI's Regional Head for India.
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.