Drip Capital, a leading digital platform for trade finance, announced it has secured $113 million in new funding. And this includes $23 million in equity from Japanese institutional investors, GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC), and $90 million in debt financing, led by the International Finance Corporation (IFC) and East West Bank.
Drip has seen tremendous growth, quadrupling its revenue and doubling its customer base in the past two years. And the company has expanded its services for SMBs by integrating forex and risk analytics solutions with its core trade financing products. This new funding will expedite market expansion and support the development of new products tailored to customer needs.
Drip has pioneered advanced technologies in the fintech space, utilizing advanced AI technologies to enable efficient credit risk assessment, streamline operations, and enhance customer experiences.
KEY QUOTES:
“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.”
– Pushkar Mukewar, Co-founder and CEO of Drip Capital
“Having financed over $6 billion in trade in the past eight years, we have successfully scaled our capital providers. We are thrilled to welcome additional capital from East West Bank and the IFC, the world’s largest development finance institution.”
– Drip Capital’s Chief Business Officer Karl Boog
“For our North American business, we have financed nearly $1 billion for US and Canadian SMBs over the past few years. Our unique Payable Finance offering allows our customers to pay their suppliers’ invoices and extend payment terms up to 120 days.”
– Karl Boog
“We are proud to have supported Drip from its inception, through both equity investment and debt financing. We greatly admire the remarkable growth they have achieved so far. It is a great honor for us to participate with an additional equity investment and advance towards a strategic partnership. Drip’s innovative and comprehensive solutions in digital trade finance are transforming how SMBs engage in trade. We believe Drip’s technology and proprietary underwriting are uniquely positioned to address the challenges in this space. We are excited to continue supporting their journey as they drive forward with ongoing growth and expansion.”
– Ryu Muramatsu, Executive Vice President, GMO Payment Gateway
“We are excited to contribute to the growth of society and market, by encouraging Japan–India corridor activities via this collaboration. We look forward to combining the expertise of SMBC Group with Drip Capital’s technologies, to optimize global trade and enable opportunities for small and medium-sized businesses.”
– Keiji Matsunaga, General Manager of Digital Strategy Department, Sumitomo Mitsui Banking Corporation (SMBC)
