Foreign private lender, SBM Bank India and trade finance platform, Drip Capital have tied-up to empower MSME exporters with credit requirements and services.
Exporters will now be able to avail and benefit from collateral free loans/working capital at competitive rates.
Pushkar Mukewar, Co-Founder and CEO, Drip Capital, said, “By partnering with SBM Bank India, we aim to provide collateral-free working capital to MSME exporters through our invoice discounting facility. This association is an example of how fintech companies are eager to partner with banks and other financial institutions to grow collectively by using technology to its very core.”
“The Indian MSME sector is one of the largest exporters in the country. With India ascending onto the map of the global supply chain, the MSME sector is set to play a major role in the coming years. It is therefore critical to design and deliver smart banking solutions to this segment that offer accessibility, affordability, and adaptive to the ever-changing demands. Our solutions will help the Indian MSMEs become more competitive and resourceful,” said Neeraj Sinha, Head – Retail and Consumer Banking, SBM Bank India.
Drip Capital uses data analytics and technology to underwrite its transactions and allows it to scale rapidly with a smooth experience to small businesses.