Drip Capital Lands $175 Million

<p><strong><span class&equals;"xn-location">PALO ALTO <&sol;span><&sol;strong>&&num;8212&semi; Drip Capital&comma; a digital cross-border trade finance platform for small and medium businesses &lpar;SMBs&rpar;&comma; has raised <span class&equals;"xn-money">&dollar;175 million<&sol;span> in new capital to power its next phase of growth&period; Funds raised include a <span class&equals;"xn-money">&dollar;40 million<&sol;span> Series C investment and <span class&equals;"xn-money">&dollar;135 million<&sol;span> in warehouse debt facilities&period; To date&comma; with this fundraise&comma; Drip Capital has raised about <span class&equals;"xn-money">&dollar;525 million<&sol;span> in equity and debt funding&period;<&sol;p>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p><span class&equals;"xn-location">San Francisco<&sol;span>-based TI Platform led the Series C investment round alongside participation from new and existing investors&comma; including Accel&comma; Sequoia&comma; Wing VC&comma; Irongrey&comma; and GC1 Holdings&period; The new capital also includes a <span class&equals;"xn-money">&dollar;100 million<&sol;span> warehouse credit facility with Barclays Investment Bank &lpar;Barclays&rpar; and a <span class&equals;"xn-money">&dollar;35 million<&sol;span> increase in the existing facility &lpar;initially <span class&equals;"xn-money">&dollar;40M<&sol;span>&rpar; with <span class&equals;"xn-location">East West Bank<&sol;span> &lpar;EWB&rpar;&period;<&sol;p>&NewLine;<&sol;div>&NewLine;<div class&equals;"col-sm-10 col-sm-offset-1">&NewLine;<p>Founded in 2016&comma; Drip Capital aims to solve the <span class&equals;"xn-money">&dollar;3 trillion<&sol;span> global trade finance gap&period; The company leverages machine learning and cloud technology to finance cross-border transactions&comma; allowing SMBs to free up working capital and invest in growth&period; To date&comma; the company has financed more than <span class&equals;"xn-money">&dollar;2 billion<&sol;span> worth of global trade transactions spanning 80&plus; countries&period; It serves SMBs across <span class&equals;"xn-location">India<&sol;span>&comma; <span class&equals;"xn-location">Mexico<&sol;span>&comma; and the US&comma; providing access to collateral-free credit&period;<&sol;p>&NewLine;<p>&&num;8220&semi;The COVID-19 pandemic has put severe pressure on cash flows of exporters and importers alike&period; This strain is being felt most by SMBs who have never had easy access to capital&comma;&&num;8221&semi; said Pushkar Mukewar&comma; CEO and Co-founder of Drip Capital&period; &&num;8220&semi;We are excited to welcome TI Platform and Barclays to help further our mission to make global trade easy and accessible to SMBs across the world&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;We are proud to strengthen our partnership with Drip Capital and excited to support their vision for building the preeminent global trade platform&comma;&&num;8221&semi; said Alex Bangash Managing Partner of TI Platform&period;  &&num;8220&semi;Global Trade Finance is expected to be a US <span class&equals;"xn-money">&dollar;10 trillion<&sol;span> market by 2026&period; Drip is comfortably established as the market leader in this space&comma; providing SMEs with vital access to financing&period; Based on strong unit economics&comma; powerful tech-driven underwriting&comma; and growth trajectory&comma; TI Platform considers it as a good candidate for breakaway upside&period;&&num;8221&semi;<&sol;p>&NewLine;<&sol;div>&NewLine;