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