Drip Capital, a fintech provider of cross-border trade finance, and East West Bank closed a $40 million committed credit facility for the expansion of Drip’s trade finance solutions to small and medium-sized businesses.
“Drip is growing at a rapid pace and institutional partnerships are a cornerstone of our capital markets strategy,” Pushkar Mukewar, co-founder and CEO at Drip Capital, said. “The partnership with East West Bank represents a significant milestone for our company. It will further accelerate our ability to provide fast and seamless financing to global exporters and importers. We are excited to work with Mark Parsa and the East West team as we scale up our operations to service many more customers.”
“We are pleased to provide financial support to a global fintech company like Drip Capital to help them achieve their growth plan,” Kristine H. Pfeilsticker, FVP-relationship manager of structured finance at East West Bank, said. “We both have extensive experience in cross-border financing and a shared focus on offering innovative solutions to SMBs.”
“This new asset-based credit facility provides Drip with considerable incremental financing capacity to help power the next phase of our company’s growth,” Karl Boog, head of capital markets at Drip Capital, said. “We are excited to scale our capital markets programs providing unprecedented access to trade finance assets. Despite the pandemic and resulting dislocation in capital markets, we have been extremely impressed with the execution and solutions-oriented approach by the East West Bank team.”
Drip Capital has financed more than $1.2 billion of international trade since its inception in 2016. The company also has raised nearly $200 million through venture capital and debt since 2016, including more than $45 million in equity capital through investors such as Accel Partners, Sequoia Capital, Wing VC and Y Combinator.