Digital trade finance platform Drip raises $175m in equity and debt funding
Digital cross-border trade finance platform Drip Capital has raised $175 million in new funding.
The total includes a $40 million Series C investment round and $135 million in warehouse debt facilities.
The firm has now raised approximately $525 million in equity and debt funding to date.
San Francisco-based TI Platform led the Series C investment round, which saw participation from new and existing investors including Accel, Sequoia, Wing VC, Irongrey and GC1 Holdings.
The new capital includes a $100 million warehouse credit facility with Barclays and a $35 million increase in the existing facility of $40 million with California’s East West Bank.
Using machine learning and cloud technology to finance cross-border transactions, Drip provides small and medium-sized enterprises (SMEs) across India, Mexico and the US access to collateral-free credit.
The fintech says it will use the new capital to scale its business over the next 18 months, invest in its products and new technology and expand into regions such as South Asia and Latin America.
Drip Capital CEO and co-founder Pushkar Mukewar says: “The COVID-19 pandemic has put severe pressure on cash flows of exporters and importers alike. This strain is being felt most by SMBs who have never had easy access to capital.”
Mukewar claims his firm aims to make global trade “easy and accessible” for SMEs.