Fintech leader strengthens position in cross-border B2B payments and trade finance, eyeing rapid growth across Asia, including China and India
AMSTERDAM and SINGAPORE, Nov. 6, 2024 /PRNewswire/ -- MODIFI, a leading global platform in B2B Buy Now, Pay Later (BNPL) solutions, today announced the successful completion of a $15 million funding round led by SMBC Asia Rising Fund with participation from existing investors Maersk, IntesaSanPaolo, Heliad and other top-tier global investors. Sumitomo Mitsui Banking Corporation (SMBC), one of Japan's leading banks and a major financial force in the APAC region, brings both capital and strategic alignment to the partnership. Beyond the equity investment, MODIFI and SMBC have signed a Memorandum of Understanding (MoU) to jointly advance digital solutions that support SME exporters across Asia in expanding their international trade operations. Through a series of joint initiatives, MODIFI and SMBC aim to empower SMEs with innovative cross-border financing solutions.
The announcement comes on the sidelines of Singapore Fintech Festival, showcasing MODIFI's drive for innovation in the global fintech landscape. This new capital infusion will accelerate MODIFI's expansion, particularly in high-growth markets like China and India, where the company has already made significant inroads. MODIFI's platform delivers critical liquidity and flexible payment terms to small and medium-sized enterprises (SMEs), helping them optimize cash flow and expand their international reach.
"The funding underscores the strength of our business and the confidence our investors have in our vision for the future," said Nelson Holzner, CEO and Co-founder of MODIFI. "As global commerce evolves, MODIFI is at the forefront, providing innovative solutions that empower businesses to scale and succeed across borders."
MODIFI's exponential growth has solidified its position as a market leader in cross-border payments and trade finance. Recognized by Financial Times and Statista as one of the Fastest Growing European Fintech Companies in 2024, MODIFI has facilitated over $3 billion in global trade for more than 1,800 companies since it was founded in 2018. The platform offers instant working capital approval, alongside integrated risk management tools that shield businesses from buyer defaults and fraud.
"Our mission is simple: We empower SMEs to compete and thrive in the global market with fast, flexible, and secure payment solutions," added Holzner. "With this fresh funding, we're set to redefine global trade finance—ensuring businesses of all sizes can unlock the liquidity and get the protection they need to grow internationally."
"By transforming cross-border supply chain finance for the digital age with their global presence, we believe MODIFI supports SMEs to scale their export businesses with ease. We look forward to collaborating with MODIFI to empower our corporate clients to expand their businesses globally with agility and financial flexibility overcoming traditional trade barriers," said Keiji Matsunaga, General Manager of Digital Strategy Department, SMBC.
About MODIFI
MODIFI is redefining global trade finance as a leader in B2B Buy Now, Pay Later (BNPL) solutions. Trusted by businesses across 55+ countries, MODIFI provides cutting-edge tools that optimize working capital and streamline cross-border payments. Through its extensive global network, MODIFI delivers fast, flexible, and secure financial solutions, helping companies expand their international footprint with ease. By integrating advanced risk management features and seamless payment processes, MODIFI is setting new benchmarks in global commerce, empowering businesses of all sizes to thrive in a rapidly evolving market.
About SMBC and SMBC Asia Rising Fund
SMBC, one of the leading banks in Japan, co-funded SMBC Asia Rising Fund with Incubate Fund which is a corporate venture capital fund, for the purpose of accelerating business development and partnerships through investments in high potential start-ups operating actively in Asia. Through this fund, SMBC Group will enhance its business and provide clients with new solutions by uncovering/ applying new technologies via partnerships with investee firms and the development of new business models and products.
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
MODIFI Secures Strategic Investment from SMBC Asia Rising Fund to fuel Asian exports by SMEs
HANOI, Vietnam, Nov. 6, 2024 /PRNewswire/ -- The engineering team of Viettel Cyber Security (VCS) has excellently won the championship for the second consecutive time at the Pwn2Own competition—the most prestigious security arena in the world. By successfully exploiting 9 security vulnerabilities in devices from major brands such as Canon, HP, Lorex, Synology, Sonos, QNAP, Lexmark, and TrueNAS, the VCS team from Vietnam outperformed competitors from Europe, Canada, and the United States to assert its position.
According to a report from the Zero Day Initiative on October 25, the VCS team scored 33 points after four days of competition, nearly double that of the second-place team, Team Cluck from the U.S., which had 17.25 points.
Security Targets Successfully Exploited by VCS at Pwn2Own
Pwn2Own is an annual network attack competition held since 2007, likened to the World Cup of the security community. This year's event featured eight categories for engineers to find and exploit security vulnerabilities, including Mobile Phones, Messaging Apps, SOHO Smashup (Small Office and Home Networking Systems), Surveillance Systems, Smart Home Devices, Printers, Smart Speakers, and NAS Storage Devices.
At Pwn2Own 2024, VCS experts successfully exploited 9 targets, including Lorex and Synology surveillance cameras; Sonos smart speakers; HP, Lexmark, and Canon printers; QNAP and TrueNAS Mini X network storage devices; as well as the SOHO Smashup networking systems category.
With this impressive result, VCS won a prize worth $205,000. Through the competition, VCS not only confirmed its superior security capabilities but also made significant contributions to discovering and enhancing the security of smart devices, especially as major manufacturers face increasingly complex and sophisticated threats in the digital age.
Developing Security Skills on AI-Integrated Systems
According to Mr. Ngo Anh Huy, head of the VCS team at Pwn2Own 2024, this year's competition posed significant challenges as devices were upgraded with more complex security measures, many integrated with AI to combat attacks. Exploiting AI-integrated devices requires the VCS team to have deep knowledge of AI in addition to traditional security skills.
"With the rapid development of AI, successfully exploiting these devices not only helps the team expand its security capabilities but also prepares them to respond to increasingly complex risks in the future. Success at Pwn2Own once again proves that Vietnamese experts are on par with their peers worldwide," Mr. Huy shared.
This year's event saw over 70 zero-day vulnerabilities discovered and exploited, with total prizes reaching $1,066,625. The success of VCS at Pwn2Own is not only a source of pride for Viettel Cyber Security but also enhances the status of Vietnam's cybersecurity industry on the international stage, opening up new opportunities and challenges in global cybersecurity.
About Pwn2Own
Pwn2Own is one of the most renowned and prestigious security competitions in the world, held annually by the Zero Day Initiative (ZDI) since 2007. Known as the "World Cup" of cybersecurity, Pwn2Own attracts top security research teams from around the globe to test their abilities to exploit vulnerabilities in various devices and software, from printers and smart speakers to surveillance systems. Major technology companies such as Meta, Apple, and Pixel also eagerly bring their products to challenge the competing teams.
At Pwn2Own, competing teams must seek and exploit vulnerabilities within three months before showcasing their products at the event, aiming for high scores and cash prizes. The competition not only fosters creativity and collaboration within the cybersecurity community but also raises awareness of potential security vulnerabilities in modern technology, thereby helping manufacturers improve their product protection capabilities.
About Viettel Cyber Security
Viettel Cyber Security (VCS), hailing from Vietnam, was recognized as the best cybersecurity company in Asia according to the Cybersecurity Excellence Awards 2022-2023. VCS offers a wide range of services tailored to meet the unique needs of clients, including:
With expertise and cutting-edge technologies, VCS ensures robust protection and peace of mind for organizations navigating the complexities of cybersecurity.
Website: https://viettelcybersecurity.com/
** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **
Viettel Cyber Security (VCS) Wins the Global Cyber Security Competition Pwn2Own for the Second Time, Earning $205,000 Prize
Viettel Cyber Security (VCS) Wins the Global Cyber Security Competition Pwn2Own for the Second Time, Earning $205,000 Prize
Viettel Cyber Security (VCS) Wins the Global Cyber Security Competition Pwn2Own for the Second Time, Earning $205,000 Prize
