Drip Capital connects with TradeLens to provide blockchain-enabled financing solutions for importers and exporters

Subscribe to our blog

Palo Alto, CA and Mumbai, India, November 11, 2021: Drip Capital, Inc., a leading cross-border digital trade finance platform, today announced a collaboration with TradeLens, a blockchain-enabled digital platform, to provide easy access to credit for small and medium businesses (SMBs) across the world. 

International trade is the backbone of the global economy. However, it continues to work with inefficient paper-intensive processes. Even today, most of the cross-border documents are exchanged physically, delaying the transaction by weeks. Lack of digital records also limits SMBs’ access to formal finance, restricting their growth trajectory.

Drip Capital provides collateral-free financing to SMBs engaging in cross-border trade. The company partners with operators across the global supply chain to increase access to finance for SMBs and aims to build a trade facilitation platform to help ease their pain points.

This collaboration will assist Drip in its mission to simplify global trade. TradeLens, through its network of connected carriers, issues electronic bills of lading (eBL), which eliminates paper-based BLs that are a key feature of all international trade transactions. Drip hopes to use these blockchain-enabled documents to provide SMBs with financing faster and in a more secure manner.

Elaborating on the collaboration, Pushkar Mukewar, Co-Founder and CEO of Drip Capital, said, "We at Drip are committed to making global trade easy and accessible for small businesses. Many stakeholders in the global supply chain support TradeLens, and we are thrilled to collaborate with them. Their blockchain-enabled solutions will allow us to offer enhanced customer experience through digital, secure and efficient processes."

For TradeLens, the alliance opens new opportunities to scale their business and connect with various stakeholders to digitally transform the global supply chain.  Daniel Wilson, Head of Strategy and Operations, GTD Solutions and TradeLens platform sharesd:

Simplifying trade for SMBs is a shared objective for TradeLens and Drip Capital, and we are excited to have a leading-edge solution join our ecosystem. The TradeLens eBL can help Drip Capital drive for greater efficiency in trade finance for all involved parties.

"Drip Capital has enhanced the export/import finance business for the SMBs,” said Bimal Kanal, Director of Network for South Asia, GTD Solution, and the TradeLens platform. “Collaborating with TradeLens as a network partner opens new opportunities for shippers as well as Drip Capital for digitizing documentation and ownership of the cargo. With more and more partners joining the TradeLens network, we are steadily moving towards strengthening the network that will benefit more stakeholders and rapidly digitize the global supply chains."

-------------------------------------------------------------------------------------------

About 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 3500 sellers and buyers spread across 80+ countries. 

The Fintech firm has financed over $2 billion of international trade since its inception in 2016. Drip has raised about $520 million through venture capital and debt since 2016, including over $85 million in equity capital through investors such as TI platform, Irongrey, Accel Partners, Sequoia Capital, Wing VC, and Y Combinator. Drip Capital was honored as a CB Insight's Top 250 Global Fintech Companies in 2020. Read more about the company here: www.dripcapital.com

 

About TradeLens

TradeLens is an open and neutral industry platform underpinned by blockchain technology, supported by major players across the global shipping industry. The platform promotes the efficient, transparent, and secure exchange of information to foster greater collaboration and trust across the global supply chain.

 


Related content

#dltledgers and TradeLens collaborate to accelerate cross-border trade finance digitization in Asia

#dltledgers announced a plan to incorporate capabilities from TradeLens into the #dltledgers multi-party platform for the benefit of cross-border trade participants. With this collaboration #dlteldgers customers will be able to access critical events and documents for their container shipments through the TradeLens platform.

read more

Contour collaborates with TradeLens to transform trade finance workflows

Contour, the global digital trade finance network has announced its collaboration with TradeLens, a blockchain-based supply chain platform that enables the secure and transparent transfer of electronic Bills of Lading (eBL). The Contour-TradeLens collaboration is significant for the ecosystem as it merges direct access to major ocean carriers with an established trade finance network.

read more

Bolero and TradeLens partner to fast-track electronic bills of lading

Bolero International, a provider of cloud-based trade finance digitization solutions, announced a collaboration with TradeLens, the blockchain-based global trade platform for containerized goods, with the goal of delivering a seamless digital experience for customers using electronic bills of lading in trade finance transactions.

read more

Talk to us!

Start transforming your supply chain today. Tell us a bit about yourself and the challenge you want to solve and we will contact you as soon as possible.