Drip Capital, a Palo Alto-based fintech firm specializing in trade finance for small and medium-sized businesses (SMBs), raised $113 million in its latest funding round.
The round includes $23 million in equity financing from Japanese investors GMO Payment Gateway and Sumitomo Mitsui Banking Corporation (SMBC) and $90 million in debt financing, led by the International Finance Corporation (IFC) and East West Bank.
Drip Capital plans to use the fresh funds to expand its market reach and develop new products aimed at simplifying cross-border trade for SMBs.
Led by CEO Pushkar Mukewar, Drip Capital focuses on supporting the $5 trillion global cross-border trade market for small businesses. Its platform helps SMBs improve cash flow and manage working capital efficiently.
Since its inception, Drip Capital has worked with over 9,000 sellers and buyers across more than 100 countries, financing over $6 billion in trade transactions.