Fintech Platform Drip Capital Secures USD 113 Mn to Enhance Global Trade Finance Solutions The new funding will be used to expedite market expansion and support the development of new products tailored to customer needs.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Digital trade finance platform Drip Capital has secured USD 113 million in a new funding round, combining equity and debt to accelerate its growth and broaden its product portfolio for small and medium-sized businesses (SMBs) across key markets like India and the US.
This funding round includes USD 23 million in equity from two Japanese institutional investors, GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), along with USD 90 million in debt from the International Finance Corporation (IFC) and East West Bank. Existing investors also participated in the round.
The funds will drive the development of new trade finance solutions while expanding into trade facilitation services like forex and sourcing.
Drip Capital's Co-founder and CEO, Pushkar Mukewar, said, "In 2022 and 2023, the global trade sector faced significant challenges, including rising interest rates that squeezed margins and restricted capital access for SMBs. Despite these challenges, Drip has emerged as the preferred trade finance platform for SMBs in the US and India."
"We've achieved cash profitability and expanded our business during this period. We are excited to welcome our new investors and, alongside our existing investors and debt partners, are ready to drive our next phase of growth," he added.
Founded in 2016 by Wharton alumni Pushkar Mukewar and Neil Kothari, Drip Capital provides efficient working capital solutions, including both payable and receivable finance.
The California and Mumbai-based company enables SMBs to optimise cash flows, boosting sustainable business growth. Drip has pioneered fintech solutions by integrating advanced AI technologies to enhance credit risk assessments and streamline operations.
To date, Drip has collaborated with over 9,000 sellers and buyers across 100+ countries, financing more than USD 6 billion in trade transactions. The company has raised approximately USD 640 million in equity and debt funding from top-tier global investors.
