Drip Capital’s Commercial Invoice Facilitation Hits $150M on March 22

Global fintech firm Drip Capital said on Tuesday that it facilitated a record trade bill of $150 million (nearly Rs 1,142 crore) through its channel in March 2022.

This is the company’s highest single-month creation since its inception in 2016, Drip Capital said in a statement.

The company provides working capital solutions to small and medium enterprises (SMEs) in the United States and emerging markets such as India and Mexico. Its platform offers unsecured post-shipment financing to exporters in India.

The country contributes over 80% of Drip’s overall business. In the last quarter ending March 2022, Drip added over 100 new customers in India itself.

Drip Capital said the global trade finance gap is estimated at $3 trillion and the international trading community faces one of its biggest challenges due to high shipping costs, uneven recovery post-pandemic global economies and geopolitical tensions driving global sourcing. chain crisis.

This has further strained cash-strapped SMEs, which contribute more than 50% of international trade.

”There is a growing demand for working capital among small businesses due to the current supply chain crisis. Our robust underwriting model has helped us manage the risks of cross-border transactions, providing timely credit to these businesses,” said Pushkar Mukewar, Co-founder and CEO of Drip Capital.

He said the company will continue to capitalize on the opportunity of growing demand and fund $10 billion worth of trade over the next 3-4 years.

The company has funded over $2.6 billion in global trade. Since its inception, Drip Capital has worked with around 5,000 buyers and suppliers collectively trading in 105 countries, he said.

Recently, the company had raised $175 million in new capital to unlock its next phase of growth.

The company aims to use the new funding to expand its business over the coming months, he added.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

Comments are closed.