Drip Capital raises $175M in debt and equity
Drip Capital recently announced that it raised $175 million in debt and equity.
The startup plans on using the capital raised to scale its business over the period of the next 18 months. It will invest in developing its product offerings and expand its market to include South Asia and Latin America.
“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,” said Drip Capital CEO and co-founder Pushkar Mukewar.
Founded in 2016, Drip Capital leverages machine learning and cloud technology to support cross-border transactions. It aids SMBs to free up their working capital and invest in their growth.
Commenting about the investment, TI Platform’s Alex Bangash said, “Global trade finance is expected to be a $10 trillion market by 2026. Drip is comfortably established as the market leader in this space, providing SMEs with vital access to financing.”
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