Drip Capital secures USD 40 mln credit facility for trade finance

Monday 29 March 2021 14:39 CET | News

Cross-border trade finance fintech provider Drip Capital has secured a USD 40 million credit facility from East West Bank for the expansion of Drip's trade finance solutions to small and medium-sized businesses (SMBs).

The partnership with East West Bank represents a milestone for Drip. It will further accelerate the company’s ability to provide financing to global exporters and importers. This new asset-based credit facility provides Drip with incremental financing capacity to help power the next phase of the company's growth. Drip Capital offers trade financing solutions in the US and developing markets like India and Mexico by giving their clients access to working capital quickly. Drip works with over 1,500 sellers and buyers spread across 80+ countries. The fintech has financed over USD 1.2 billion of international trade since its inception in 2016. 

In the US, Drip provides buyer financing solutions -- supply chain finance and inventory finance -- to SMB importers, who further cater to the multinationals across the country. The company acts as a strategic financial partner to these SMBs allowing them to effectively manage their cash flows/working capital to accelerate sustainable business growth. 

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Keywords: trade finance, supply chain finance, investment
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech