Y Combinator-Backed Drip Capital Crosses $1 Billion Milestone in Trade Financing for Small Businesses
By Sandeep Soni
Credit and Finance for MSMEs: Drip has recorded a 50 per cent quarter-on-quarter growth in the last three quarters, according to Co-founder and CEO Pushkar Mukewar.
Credit and Finance for MSMEs: Y Combinator-backed small and medium enterprise (SME) focused trade finance company Drip Capital has crossed the $1-billion milestone in cross-border trade receivables financing transactions through its platform. Founded in 2015, Drip provides post-shipment finance on the value of the exporter’s invoice at the time of bill of lading is issued. Bill of lading is a document detailing the type, quantity, and destination of the goods being carried. The exporter is required to pay a one-time processing fee, a factoring fee charged for each invoice, and interest ranging between 4.5 per cent and 9 per cent per year.
Photo courtesy of Pete Linforth.
Source: Financial Express (link opens in a new window)
- business development, data, MSMEs, startups