1 min read.Updated: 06 Jul 2021, 03:33 PM ISTLivemint
In the past, Drip Capital has partnered with several local and international banks to offer its financing solutions to small businesses. Since its inception in 2016, the company has worked with over 1,500 sellers and buyers spread across more than 80 countries
MUMBAI: Drip Capital, a fintech provider of cross-border trade finance, on Tuesday said it has partnered SBM Bank India to offer trade financing solutions customized for small and medium-sized exporters in India.
under to this partnership, micro, small and medium enterprise (MSME) exporters will be able to avail collateral-free working capital at competitive rates, it said.
“By partnering with SBM Bank India, we aim to provide collateral-free working capital to MSME exporters through our invoice discounting facility. This association is an example of how fintech companies are eager to partner with banks and other financial institutions to grow collectively by using technology to its very core," said Pushkar Mukewar, co-founder and chief executive, Drip Capital.
Drip Capital is a global financial technology company backed by Accel, Sequoia, Wing VC, and Y-Combinator and offers trade financing solutions to solve working capital problems among small and medium-sized businesses in emerging markets like India and Mexico and developed markets like the US.
Neeraj Sinha, head of retail and consumer banking at SBM Bank India, said, with India being rapidly ascending onto the map of the global supply chain, the MSME sector is set to play a major role in the coming years.
“It is therefore critical to design and deliver smart banking solutions to this segment that offer accessibility, affordability, and adaptive to the ever-changing demands," said Sinha.
In the past, Drip Capital has partnered with several local and international banks to offer its financing solutions to small businesses. Since its inception in 2016, the company has worked with over 1,500 sellers and buyers spread across more than 80 countries, it said on Tuesday.