Digital trade finance provider Modifi has acquired PrimaDollar’s SME-focused export finance business, as PrimaDollar looks to focus more on larger customers of its supply chain trade finance product. In a joint announcement today, Berlin-headquartered Modifi says it has snapped up PrimaDollar’s client portfolio for export finance, with the London-based fintech completing any outstanding trade finance transactions over the next few weeks. PrimaDollar says it took the decision to exit export trade finance after the hugely promising uptake of its separate supply chain trade finance product, which is targeted towards medium-sized and large buyers. “With the increasing success of this platform and focus on larger clients, PrimaDollar’s board has determined that its existing export customers, who are typically SMEs, will be better served by moving across to one of the dedicated export trade finance specialists operating with a similar geographic footprint,” the joint announcement says. PrimaDollar chief executive Tim Nicolle tells GTR that the two products’ respective customer bases are “completely different communities”. Supply chain trade finance, he adds, is “already landing major clients and is proving to be a very exciting new opportunity”. “We’ve got the evidence now, the customer traction, so we can see this is going to work… continue reading
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Source: CTRM Center