PALO ALTO, Calif., March 25, 2021 /PRNewswire/ -- Drip Capital, a leading Fintech provider of cross-border trade finance, and East-West Bank (EWB), announce a US$ 40M committed credit facility for the expansion of Drip's trade finance solutions to small and medium-sized businesses (SMBs).
"Drip is growing at a rapid pace and institutional partnerships are a cornerstone of our capital markets strategy. The partnership with East West Bank represents a significant milestone for our Company. It will further accelerate our ability to provide fast and seamless financing to global exporters and importers. We are excited to work with Mark Parsa and the EastWest team as we scale up our operations to service many more customers," said Pushkar Mukewar, Co-Founder and CEO at Drip Capital.
"We are pleased to provide financial support to a global fintech company like Drip Capital to help them achieve their growth plan," said Kristine H. Pfeilsticker, FVP-Relationship Manager of Structured Finance at East West Bank. "We both have extensive experience in cross-border financing and a shared focus on offering innovative solutions to SMBs."
"This new asset-based credit facility provides Drip with considerable incremental financing capacity to help power the next phase of our company's growth. We are excited to scale our capital markets programs providing unprecedented access to trade finance assets. Despite the pandemic and resulting dislocation in capital markets, we have been extremely impressed with the execution and solutions-oriented approach by the East West Bank team," said Karl Boog, Head of Capital Markets at Drip Capital.
Drip Capital is a market leader in the global trade finance space. The company offers trade financing solutions in the US and developing markets like India and Mexico by giving their clients access to working capital quickly. Drip works with over 1,500 sellers and buyers spread across 80+ countries. The FinTech firm has financed over US$ 1.2B of international trade since its inception in 2016.
In the US, Drip provides buyer financing solutions -- supply chain finance and inventory finance -- to SMB importers, who further cater to the multinationals across the country. The company acts as a strategic financial partner to these SMBs allowing them to effectively manage their cash flows / working capital to accelerate sustainable business growth.
Drip has raised nearly US$ 200M through venture capital and debt since 2016, including over US$ 45M in equity capital through investors such as Accel Partners, Sequoia Capital, Wing VC, and Y Combinator.
East West Bancorp is a publicly owned company with total assets over US$ 50B and is traded on the Nasdaq Global Select Market under the symbol "EWBC." The Company's wholly-owned subsidiary, East West Bank, is one of the largest independent banks headquartered in California and one of the largest minority depository institutions in the United States. The bank provides commercial and consumer banking services that help clients reach further and connect to new opportunities on both sides of the Pacific. East West Bank operates more than 120 locations in key cities in the U.S. and Greater China. The bank's Structured Finance group provides senior secured lending facilities to specialty finance companies and project finance transactions. For more information about East West Bank, please visit www.eastwestbank.com.