Drip Capital, a global fintech, announced on Friday it has financed more than US$1 billion of cross-border trade through its online platform. Founded in 2015, Drip Capital is on a mission to solve the “work capital problem” for SME exporter using technology.
“Trade finance is an age-old paper-based industry dominated by banks that focus on large, established corporate customers. Today, however, small businesses account for 40% of international trade, but still remain neglected by banks. Drip Capital is using technology to re-build core parts of the international trade finance infrastructure and make the underwriting and financing of international B2B transactions seamless for small businesses. Our mission is to level the playing field for small businesses located in emerging markets and to finance their international trade at the click of a button.”
Speaking about the latest milestone Pushkar Mukewar, Co-Founder and CEO, Drip Capital stated that the company’s team is also focused to innovate and solve credit access problems for the import-export community.
“With the company crossing the US$1 billion mark, we are confident about taking the business to new markets and continuing to bridge the trade finance gap for SMBs globally.”
Mukewar further explained that since Drip Capital’s financing products are short term in nature, around 30-50 days, the company has claimed to perform well during the COVID-19 pandemic.
“As economies have opened up, we have seen a significant increase in demand for our financing products. We have witnessed over 50% quarter on quarter growth in the last three quarters.”
Drip has reportedly nearly US$ 200M through venture capital and debt since 2016. On the equity front, the company has raised over US$ 45M through investors such as Accel Partners, Sequoia Capital, Wing VC, and Y Combinator.