Drip Capital Secures $113MM in New Funding to Accelerate Growth

Drip Capital, a digital platform for trade finance, has secured $113 million in new funding. This includes $23 million in equity from Japanese institutional investors GMO Payment Gateway and Sumitomo Mitsui Banking (SMBC) and $90 million in debt financing led by the International Finance Corporation (IFC) and East West Bank._x000D_
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The new funding will expedite market expansion and support the development of new products tailored to customer needs._x000D_
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“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 U.S. and India,” Pushkar Mukewar, co-founder and CEO of Drip Capital, said. “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.”_x000D_
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“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,” Karl Boog, chief business officer of Drip Capital, said. “For our North American business, we have financed nearly $1 billion for U.S. 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.”_x000D_
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“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,” Ryu Muramatsu, executive vice president at GMO Payment Gateway. “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.”_x000D_
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“We are excited to contribute to the growth of society and market, by encouraging Japan–India corridor activities via this collaboration,” Keiji Matsunaga, general manager of digital strategy department at SMBC, said. “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.”