Accel and Sequoia-backed fintech player Drip Capital has raised a $40 mn warehouse credit line from the California-based East-West Bank to expand its trade finance solutions to small businesses. Drip Capital deals with cross-border trade finance where India is its largest market, followed by the US where it mostly deals with buyer finance, and Mexico.
The credit line is an asset-based facility and increases Drip Capital's financing capacity to help power the next phase of growth. Drip Capital offers trade financing solutions in the US and developing markets like India and Mexico by giving their clients access to working capital quickly.
The partnership with East-West Bank represents a significant milestone for us and will further accelerate our ability to provide fast and seamless financing to global exporters and importers, Pushkar Mukewar, Co-founder and Chief Executive Officer of Drip Capital,stated. As much as 50 percent of the credit line will be deployed in India, he added.