Drip Capital Partners with Onfido for Faster Verification, Streamlining Trade Finance Process for its Customers
Drip Capital, Inc., a leading cross-border digital trade finance platform, announced a partnership with Onfido, a global digital identity verification and authentication provider, to streamline the onboarding process for new customers.
Through the partnership, Drip Capital will leverage Onfido’s Real Identity Platform to verify identity documents in real time through a secure, fully digital workflow. This will eliminate the need for tedious physical document submission and handling while also speeding up the onboarding process for new applicants.
The platform will also provide multiple checks like anti-money laundering, bringing fraudulent documents to light even faster. Onfido’s identity verification solution will enable Drip to enhance its security and provide a seamless experience to its customers.
This is one of several initiatives from Drip Capital to offer a simplified credit application process and a more user-friendly KYC process than traditional lenders. In India, the company provides collateral-free export finance solutions, allowing SMBs to unlock working capital to invest in business growth.
Onfido, a digital identity verification platform, makes it easier for people to complete their KYC compliance quickly and securely. By leveraging biometric and AI technology for automating checks, Onfido helps increase the efficiency of verifying crucial documents at scale and enables real-time response on the validity of these documents. In partnering with Onfido, Drip joins several other major technology companies, including Remitly and VW Financial Services, who already leverage Onfido’s digital identity verification platform.
“AI-driven document verification and facial biometrics can greatly help sellers and buyers minimize the risk of miscommunication and fraud, thus resolving a major source of friction,” said Pushkar Mukewar, CEO and Co-Founder of Drip Capital. “We’re proud to partner with an industry leader like Onfido, allowing us to continue to scale, innovate, increase operational efficiency, and efficiently manage risk.”
“Customers have become more cautious while sharing sensitive information. With Onfido’s high level of security when handling documents and its ability to provide real-time responses on the validity of paperwork, customers don’t have to worry about submitting confidential information or tedious requirements for notarized copies of identity documents. This will allow Drip to build trust with clients and make their journey more seamless,” said Rahul Nath, Head of Product & Operations at Drip Capital.
“Drip Capital is innovating in the world of cross-border trade, simplifying digital trade financing solutions for SMBs,” said Alex Valle, Chief Product Officer at Onfido. “We’re excited to be partnering with such a forward-looking company and are pleased to be enabling Drip to acquire new customers faster and more securely than before.”
About Drip Capital
Drip Capital is a trade-tech company that aims to simplify global trade for SMBs. It offers digitized trade financing solutions in markets like the US, India, and Mexico by providing SMB access to collateral-free working capital. The company currently works with over 5000 sellers and buyers across 100+ countries. Drip is backed by investors like TI Platform, Irongrey, Accel Partners, Sequoia Capital, Wing VC, and Y Combinator. Drip was honored as a CB Insights Top 250 Global Fintech Company in 2020 and was a part of Y-com’s Top Companies 2022 List.
For further information on Drip Capital, please visit www.dripcapital.com.
Onfido makes digital identity simple. The company makes it easy for people to access services by digitally verifying them using its Real Identity Platform. The platform allows businesses to tailor verification methods to an individual user and market needs in a no-code, orchestration layer – combining the right mix of the document and biometric verifications, trusted data sources, and passive fraud signals to meet their risk, friction, and regulatory requirements. Onfido Atlas™ AI powers the platform’s fully-automated, end-to-end identity verification. Developed in-house for over 10 years, it’s how Onfido ensures its analysis is fair, fast, and accurate. Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Idinvest Partners, Crane Venture Partners, Salesforce Ventures, M12 (Microsoft), and others. They partner with over 900 businesses globally to help millions access services every week – from billion-dollar institutions to hypergrowth start-ups.