Trade Finance Firm Drip Capital Featured as 2023 YC Top Company
Mumbai, MH, March 3, 2023:
Drip Capital, Inc., a leading digital trade finance platform, has been recognized as one of the 2023 Y Combinator Top Companies.
Listed and ranked by valuation, Drip joined Y Combinator's notable companies like Stripe, Coinbase, and Brex from the fintech space. This year's list includes 16 public, 290 private YC companies, and 33 exits valued at over $150Mn, with 90+ valued at $1Bn.
First published in 2018, the Top Companies list selects from over 2,000 companies that have participated in the Y Combinator accelerator program since 2005. To date, YC has funded 4,000+ startups, with 10 new names joining the lists since August 2022.
Pushkar Mukewar, CEO and Co-Founder of Drip Capital, said, "It is an honor to be a part of YC's prestigious Top Companies list for the second time in a row. YC has played a crucial role in Drip's journey, helping us innovate in our mission to make global trade easy and accessible to SMBs."
Drip has developed a data-driven risk assessment model to evaluate risks, underwrite cross-border trade transactions rapidly, and disburse funds within 24 hours. In the US, it offers payables financing to importers where Drip pays the seller on the buyer's behalf, giving them additional time to pay for their goods. The company also offers receivables financing to exporters in emerging economies like India and Mexico.
To date, Drip has facilitated global trade worth more than $5Bn and currently works with over 6,000 buyers and sellers worldwide, spanning 100-plus countries. The company processes over 200 invoices worth around $7Mn per day.
As a series C-funded company, Drip has raised about $525 million in equity and debt funding to date from marquee global investors such as Accel Partners, Sequoia, Wing VC, Y-Combinator, and TI Partners. It has also secured warehouse credit facilities from banks like East-West Bank and Barclays. The company also works with family offices, wealth managers, and institutional investors through its Notes programme, which is backed by predictable coupons.
