Listen: There Is Now A Service For Businesses To Help Them Get Cash In Quicker
PODCAST: The Middle East Regional Head At MODIFI Speaks About The Expansion Of Modifi In The UAE & The Middle East
In this episode of Dubai Works, we’re joined by Ankit Goel, The Middle East Regional Head at Modifi. It’s a trade, finance and tech company that helps small and medium sized businesses finance and manage their international trades.
Modifi currently operates out of 9 offices in New York, Berlin, Amsterdam, Delhi, Mumbai, Dhaka, Shenzhen, Hong Kong and Dubai
After serving over 1,000 buyers and sellers across more than 40 countries, Modifi established its presence in the UAE in 2020. The company has been in the space for over 3 years. It started in Germany, moved to India and gradually stepped foot into different regions. They currently operate out of 9 offices in New York, Berlin, Amsterdam, Delhi, Mumbai, Dhaka, Shenzhen, Hong Kong and Dubai. Ankit is the regional of Middle East, and also manages India, Pakistan and Bangladesh region.
What makes Modifi stand out is that they don’t take any form of collaterals, they work with an insurance partner, and they look at the buyer’s bank balance
Middle East is a key player when it comes to trade and finance and about a year ago Modifi decided to set foot into the region.
Modifi provides financing and trade solutions to companies. For example, if an SME company is selling a bottle of water to Lulu, we pay to the SME company and once the bottles are delivered to Lulu, we collect the money from Lulu. Modifi does not take any collaterals, and this helps the SME companies to work and compete against larger players in the market.
Besides, what makes Modifi stand out is that the company looks at the customer’s bank balance, don’t take any form of collaterals and they also work with an insurance partner, so in case of a crisis you are covered.
Modifi has already deployed about half a billion dollar funding and they expect to reach one billion dollar in a year. The company is funded by large banks like Silicon Valley bank.
The company provides financing and trade solutions to companies across all sections including textile, handicrafts, bunkering, travel and other service industries. The company boasts a state-of-the-art platform. The entire process only takes about 7-10 days. So, irrespective of the amount, the buyer simply has to click on it and get funded.
Modifi is headquartered in Netherlands, and in the UAE they are a DED (eTrader licence from Dubai Economy) licensed company, with a license for forfeiting.
Modifi is the only global, digital player. They have bigger competitors which are more geography or industry specific.
Modifi has currently expanded only in Dubai in the Middle East. However, the company plans to set up a branch or tie up with a local partner in Saudi Arabia in the near future.
Modifi is trying to implement AI products within their platform in the coming years, which will help sellers and buyers to expand their business and grow.
The key for the coming years, the key for any company will be ‘survival’ and managing risks, rather than working on new models. In fact, data from retailers reveal that the numbers they make currently are higher than what it was pre-covid. The Middle East has made a remarkable come-back after last year’s havoc and the Expo 2020 Dubai is a standing example of the same, said Ankit.
