Drip Capital, a prominent digital trade finance platform, has secured $113 million in new funding, which is being distributed as $23 million in equity and $90 million in debt. The International Finance Corporation (IFC) and East West Bank led the debt financing, while Japanese investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation provided the equity portion. Drip Capital, a company that specializes in providing global trade services to small and medium-sized businesses, has broadened its product line by incorporating forex and risk analytics into its core financing products. The platform employs advanced AI technology to facilitate the efficient appraisal of credit risk, thereby improving the customer experience and streamlining operations.
Commenting on the debt financing, Karl Boog, Drip Capital's Chief Business Officer, stated "Having financed over $6 billion in trade in the past eight years, we have successfully scaled our capital providers. We are thrilled to welcome additional capital from East West Bank and the IFC, the world's largest development finance institution." Drip Capital has facilitated over $6 billion in transactions across more than 100 countries, focusing on cross-border trade for small and medium-sized businesses. Drip is fostering substantial development in the industry by concentrating on the $5 trillion global SME trade market with its fintech solutions.
