DP World, the global logistics company and provider of smart supply chain solutions, announced a partnership between CARGOES Finance By DP World and digital trade finance platform Drip Capital Inc to deliver seamless access to working capital for companies looking for trade financing.
CARGOES Finance By DP World is a fintech platform that connects global importers, exporters and logistics companies searching for investment to financial institutions. It gives lenders access to data on cargo borrowers’ movements so they can lend with confidence. It enables rapid and seamless access to working capital for emerging-market small and medium-sized enterprises (SMEs).
DP World customers will now have access to various Drip Capital financing options, including collateral-free financing solutions for SMEs engaged in cross-border trade, allowing SMEs to better manage their cash flow and invest in business growth. CARGOES Finance will provide Drip Capital with valuable trade data to improve its risk analysis and mitigation processes.
Mike Bhaskaran, COO Logistics & Technology, DP World, said “Access to working capital is one of the key problems that is still restricting the growth of the SME segment. For any economy, solving this problem is critical to increase SME participation in global trade. With the launch of CARGOES Finance platform, DP World is leveraging its substantial experience in global trade to solve this problem and help SMEs increase their contribution to global trade. Partnering with agile fintech companies like Drip Capital will help DP World offer competitive and innovative financial solutions on the platform to the benefit of all SMEs.”
Sinan Ozcan, Senior Executive Officer, DP World Finance Services, said: “DP World’s objective is to enable global trade. Access to trade finance is critical for the survival and growth of exporters, importers and logistics companies which are the drivers of the global economy. CARGOES Finance platform provides financial institutions the opportunity to lend with confidence and helps smaller companies to access the capital they need. We are excited to partner with Drip Capital in this journey in key markets including but not limited to India, UAE, and US, and are looking forward to jointly supporting companies in their endeavors to access competitive financing to enable their trade.”
Pushkar Mukewar, Co-Founder and CEO of Drip Capital, said, “To be a part of DP World’s massive network and get access to a large number of SMEs is a great privilege, and we are excited to begin this journey with them. Besides this, the platform will provide Drip with vital trade data to improve its risk analysis and mitigation processes, thereby helping us procure more clients and lend more confidently. Overall, the partnership will assist us in our mission to make global trade easy and accessible to SMBs worldwide.”
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Media contact
Rebecca Morpeth Spayne,
Editor, International Trade Magazine
Tel: +44 (0) 1622 823 922
Email: editor@logistics-buyer.com
