New Delhi, Apr 12 (PTI) Global fintech firm Drip Capital on Tuesday said it facilitated a record USD 150 million (nearly Rs 1,142 crore) worth of trade invoice through its channel during March 2022.
It is the highest origination by the company in a single month since its inception in 2016, Drip Capital said in a release.
The firm provides working capital solutions to small and medium-sized businesses (SMBs) in the US and emerging markets like India and Mexico. Its platform offers post-shipment collateral-free financing to exporters in India.
The country contributes to over 80 per cent of Drip’s overall business. In the last quarter ended March 2022, Drip added more than 100 new customers from India itself.
Drip Capital said the global trade finance gap is estimated to be USD 3 trillion and the international trade community is witnessing one of its biggest challenges due to high shipping costs, uneven recovery of world economies from the pandemic, and geopolitical tension leading to the global supply chain crisis.
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This has further stressed the cash-crunched SMBs, contributing to over 50 per cent of international trade.
“There is a growing demand for working capital among small businesses due to the ongoing supply chain crisis. Our robust underwriting model has helped us navigate the risks of cross-border transactions, providing timely credit to these businesses,” Pushkar Mukewar, Co-Founder and CEO of Drip Capital, said.
He said the company will continue to capitalize on the opportunity of growing demand and finance USD 10 billion worth of trade in the next 3-4 years.
The company has funded more than USD 2.6 billion worth of global trade. Since its inception, Drip Capital has worked with approximately 5,000 buyers and suppliers who collectively trade in 105 countries, it said.
Recently, the company had raised USD 175 million in fresh capital to unlock its next phase of growth.
The company aims to use the new funding to scale its business over the next few months, it said further. PTI KPM KPM ANU ANU
