Drip Capital, a leading fintech provider of cross-border trade finance, today announced its collaboration with SBM Bank India to offer trade financing solutions - customized for small and medium-sized exporters in India. Owing to this partnership, MSME exporters will be able to avail collateral-free working capital at competitive rates.
Commenting on the collaboration, Pushkar Mukewar, Co-Founder and CEO, Drip Capital, 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."
Defining the opportunity landscape, Neeraj Sinha, Head - Retail and Consumer Banking, SBM Bank India, said, "The Indian MSME sector is one of the largest exporters in the country. 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 #smartbanking solutions to this segment that offer accessibility, affordability, and adaptive to the ever-changing demands. Towards this, it is our pleasure to partner with Drip Capital. We are sure, together, our solutions will help the Indian MSMEs become more competitive and resourceful."
Drip Capital is a market leader in the global trade finance space. Unlike traditional financial institutions, the fintech company leverages data analytics and technology to underwrite its transactions, allowing it to scale rapidly and provide a seamless financing experience to small businesses.
In the past, Drip Capital has partnered with several local and international banks to offer its financing solutions to SMEs in developing markets like India and Mexico as well as the US. Since its inception in 2016, the company has worked with over 1,500 sellers and buyers spread across 80+ countries. Recently, the fintech firm has financed over US$ 1Bn in cross-border transactions.