MUMBAI: Fintech provider Drip Capital on Tuesday announced a partnership with SBM Bank India to offer trade financing solutions tailored to small and medium exporters in the country.
This partnership will allow micro, small and medium enterprises (MSME) to avail collateral-free working capital at competitive rates, the article said.
Through our partnership with SBM Bank India, we aim to provide MSME exporters with collateral-free working capital. “This is an example of how fintech companies are eager to partner with banks and other financial institutions to grow together,” said Pushkar Mukewar, co-founder and chief executive, Drip Capital.
Drip Capital is a global financial technology company backed by Accel, Sequoia, Wing Ventures, and Y-Combinator and provides trade financing solutions for SME businesses in developing and developed economies alike.
The MSME sector in India is set to play a major role in the coming years, said Neeraj Sinha, head of retail and consumer banking at SBM Bank India.
Hence, it is crucial to design and deliver smart banking solutions to this segment that are accessible, affordable, and adaptable to ever-changing demands, said Sinha.
Drip Capital has partnered with several local and international banks to offer small business financing solutions in the past. The company has worked with over 1,500 sellers and buyers across more than 80 countries since its founding in 2016, the company said.