The digital trade financing platform Drip Capital has raised $113 million in fresh capital, consisting of $90 million in debt and $23 million in equity.

Leading Japanese institutional investors, such as GMO Payment Gateway and Sumitomo Mitsui Banking Corporation, provide the equity element of the funding, while East West Bank and the International Finance Corporation (IFC) are in charge of the loan financing.

With this financial injection, the company hopes to expand more quickly and improve the range of products it offers, especially in the important US and Indian markets.

Expressing to this vital fundraise, Pushkar Mukewar, Co-Founder & CEO of Drip Capital says, “The new capital will primarily be used to scale the company’s trade transactions. Debt for us is like raw material. And I think that is what we will continue to use to scale up the trade transactions, which we are originating and financing on the platform”.

Additionally, he pointed out that the equity investment was more of an inbound interest, demonstrating the faith that investors had in the platform's business plan. While the US and India remain major markets, the company is also striving to grow its client base and product offerings in these regions.

India makes up 60% of Drip's business and revenue, according to Mukewar, with the US being its second-largest market. Furthermore, the company turned a profit earlier in the year and now intends to shortly expand its operations.

Drip Capital offers small and medium-sized businesses (SMBs), particularly those engaged in cross-border commerce, trade finance options without the need for collateral. "One of the major issues our small business customers confront is access to credit," he stated.