Drip Capital, a trade finance provider focused on small and medium-sized enterprises (SMEs), has secured $113 million in a new funding round, attracting investments from the International Finance Corporation (IFC) and Sumitomo Mitsui Banking Corporation (SMBC).
The funding includes $23 million in equity investments from SMBC’s Asia Rising Fund and Japanese payments company GMO Payment Gateway. Additionally, Drip Capital closed $90 million in debt led by the IFC and East West Bank.
Drip Capital, which operates mainly in India and the US, has achieved cash profitability and expanded its business amid global challenges for SME financing. The company has provided $6 billion in trade financing in India and $1 billion in the US. Co-founder and CEO Pushkar Mukewar expressed enthusiasm for the new and existing investors as Drip Capital gears up for its next growth phase.
The funding follows a $175 million raise in 2021, including a $100 million warehouse facility from Barclays. Through the partnership, SMBC hopes to improve Japan-India trade and SME opportunities.
Article by Jacob Atkins for Global Trade Review. Read more here or in the PDF below.
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