Drip Capital, a California-based online cross-border trade finance platform catering to small and medium enterprises (SMEs), has raised US$ 40 million in a Series C funding round led by TI Platform Management, financing US$ 135 million through debt facilities led by Barclays Investment Bank on 28 October 2021.
Investors: The Series C funding round featured TI Platform Management as the lead investor with participation from Wing Venture Capital, Sequoia Capital India, GC1 Ventures, Accel and Irongrey. The debt financing was led by Barclays Investment Bank and also saw involvement from East West Bank.
Purpose of the funding: The firm seeks to deploy the proceeds from the new funding round towards scaling its market presence, investing in technology and products and increasing the go-to-market pace in new regions such as Latin America and South Asia.
About Drip Capital
Brought to existence in 2016 by Neil Kothari and Pushkar Mukewar, Drip Capital envisages revolutionising the gap in global trade finance. It functions as a tactical financial associate to SMEs, enabling them to systematise their working capital to ensure sustainable growth productively. Drip Capital utilises cloud tech and machine learning to finance cross-border dealings. The firm also aims to introduce a new trade facilitation platform built to mitigate the weak points of small enterprises while partnering with players across the value chain, including payment processors, insurance providers and shipping lines.
What the Founder has to say: “The pandemic has intensified the pressure on working capital of importers and exporters. The pressure is difficult to handle for SMEs who have to face challenges in getting access to capital. It is exhilarating to greet Barclays and TI Platform to financially assist us in our goal to make worldwide trade accessible and easy to SMEs spread across the world.”- Pushkar Mukewar, Co-Founder and CEO of Drip Capital.
What the Investor has to say: “It is delighting in joining hands with Drip Capital and supporting them in their mission to develop a leading global trading platform. Estimates indicate that the global trade finance market will be valued at US$ 10 trillion in 2026. Drip is well-positioned in this domain. Through strong tech-propelled underwriting, growth trajectory, and robust unit economics, TI Platform Management believes that Drip is an ideal market player for bringing change.”- Alex Bangash, Managing Partner at TI Platform Management.
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