Tradeling, MODIFI partner on trade finance
Tradeling, a B2B electronic marketplace focused on the Middle East and North Africa (MENA) region, announced on Tuesday (January 4th) that it had launched a partnership with FinTech MODIFI.
In one announcement posted on the MODIFI website, the companies say the partnership will support Tradeling users engaged in digital trade finance. With the help of MODIFI, Tradeling customers will benefit from payment terms of 30, 60 or 90 days, while paying their suppliers in advance.
“The partnership will further help companies obtain additional liquidity to finance transactions where traditional financing solutions cannot help,” said the CEO of Tradeling. Marius Ciavola. “This will increase their purchasing power and allow them to benefit from discounts, which will allow companies to further improve their margins and make their operations profitable.”
CEO and co-founder of MODIFI Nelson holzner said the MENA region is an important market for the company.
âLike Tradeling, MODIFI believes that commerce is a key driver of development around the world, and we are happy to allow local buyers and sellers to grow their businesses,â Holzner said in the announcement.
Learn more: E-commerce offers revolving credits to SMEs
Tradeling says it offers trade assistance, as well as help with logistics and financing solutions, serving more than 100,000 registered buyers and sellers from 55 countries with further gross value of goods (GMV) growth. 65% month to month.
In 2020, Tradeling launched a credit facility for buyers of small and medium-sized enterprises (SMEs) which allows clients to access a revolving line of credit for sellers listed on the platform. This allows companies to free up capital, extend payment terms by 30 days and improve negotiations with sellers.
Read more: FinTech MODIFI Start-Up Provides $ 24 Million in Series B Funding
MODIFI upgraded its platform last year after raising $ 24 million in a Series B that valued the company at over $ 120 million. The company was launched in the United States, the Netherlands and Bangladesh in 2021 and now has nine offices around the world.