SBM Bank India partners with Drip Capital to boost MSME exports

Mumbai, Jul 7 (KNN) Fintech company, Drip Capital has partnered with SBM Bank India to offer trade financing solutions – customized for small and medium-sized exporters in India.

Under this partnership, MSME exporters will be able to avail collateral-free working capital at competitive rates.

“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,” said Pushkar Mukewar, Co-Founder and CEO, Drip Capital.

Commenting on the same, Neeraj Sinha, Head - Retail and Consumer Banking, SBM Bank India, said that 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,” he added.

In the past, Drip Capital has also partnered with several local and international banks to offer its financing solutions to small businesses.