Drip Capital, a global digital trade finance and B2B e-commerce company, has secured a $50 million committed credit facility from TD Bank, with the potential to expand by an additional $25 million. This marks Drip Capital’s first partnership with the bank and will support the fintech’s growing buyer finance program in the U.S. and Canada.
The facility enables Drip Capital to expand collateral-free working capital lines of up to $5 million for small and mid-sized businesses (SMBs).
“This fundraise reflects Drip Capital’s strong performance and the growth potential in North America,” Pushkar Mukewar, founder and CEO of Drip Capital, said. “Our partnership with TD Bank will help us scale buyer finance across one of the world’s largest trade and consumption markets.”
“Every company’s finance team can benefit from having a collateral-free, flexible credit line to procure goods and services. Despite our rapid growth, we’ve only scratched the surface,” Karl Boog, chief business officer at Drip Capital, said. “Drip Capital is quietly financing the supply chains behind millions of purchases in North America.”
TD Bank joins Drip Capital’s roster of global lending partners, including Barclays, the World Bank’s International Finance Corporation, East West Bank and several non-bank lenders.
