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Brazilian Fintech Drip raises USD$8M for online payment system offering interest-free instalments

October 17, 2023
Por
Santi Hamlin
Santi Hamlin
Co-Founder of Hyper LATAM
📷
LinkedIn
With this investment, Brazilian startup Drip seeks to expand its services and improve benefits for users.
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Drip, a fintech specializing in payment installment solutions via Pix, has secured a USD $8M investment from SRM Asset, the Venture Capital arm of SRM Ventures. This partnership extends beyond the financial backing, as Drip will leverage the Wefin platform, a tech component of the SRM group, to facilitate its credit operations. Patrick McDougall, Drip's co-founder, emphasizes that this investment is crucial for expanding their services and enhancing user benefits.

On Drip's outlook

Patrick McDougall highlights, "We're transforming the credit card landscape by offering users a cashback-rich, low-interest experience compared to traditional credit cards. Since our launch in January 2022, we've processed around R$15 million in transactions. With SRM Ventures on board, our goal is to surpass R$100 million within a year."

Drip becomes the 12th addition to SRM Ventures' portfolio, already boasting over R$405 million in investments and R$120 million in credit operations.

André Szapiro, Head of SRM Ventures, mentions, "We're actively growing our portfolio of high-potential startups, providing them with financial backing, technological infrastructure, and expertise. We aim to establish eight more partnerships this semester and reach R$500 million in investments by year-end."

What does Drip offer?

Besides installment options, Drip also offers cashback rewards on purchases. To use the app, consumers must register, undergo security verification, and receive a credit limit. Drip stands out by offering unprecedented Pix-based promotional cashbacks of up to 10%.

Since its app's launch, Drip has experienced a 25% monthly revenue growth, attracting 25,000 paying customers and enlisting over 500 active stores, including global brands like Nike, Shein, and Shopee.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y de ellas son responsables sus autores. No reflejan ni comprometen el pensamiento u opinión de Latam Fintech Hub, por lo cual no pueden ser interpretadas como recomendaciones emitidas por la platafomra. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista sobre el ecosistema Fintech.

Drip, a fintech specializing in payment installment solutions via Pix, has secured a USD $8M investment from SRM Asset, the Venture Capital arm of SRM Ventures. This partnership extends beyond the financial backing, as Drip will leverage the Wefin platform, a tech component of the SRM group, to facilitate its credit operations. Patrick McDougall, Drip's co-founder, emphasizes that this investment is crucial for expanding their services and enhancing user benefits.

On Drip's outlook

Patrick McDougall highlights, "We're transforming the credit card landscape by offering users a cashback-rich, low-interest experience compared to traditional credit cards. Since our launch in January 2022, we've processed around R$15 million in transactions. With SRM Ventures on board, our goal is to surpass R$100 million within a year."

Drip becomes the 12th addition to SRM Ventures' portfolio, already boasting over R$405 million in investments and R$120 million in credit operations.

André Szapiro, Head of SRM Ventures, mentions, "We're actively growing our portfolio of high-potential startups, providing them with financial backing, technological infrastructure, and expertise. We aim to establish eight more partnerships this semester and reach R$500 million in investments by year-end."

What does Drip offer?

Besides installment options, Drip also offers cashback rewards on purchases. To use the app, consumers must register, undergo security verification, and receive a credit limit. Drip stands out by offering unprecedented Pix-based promotional cashbacks of up to 10%.

Since its app's launch, Drip has experienced a 25% monthly revenue growth, attracting 25,000 paying customers and enlisting over 500 active stores, including global brands like Nike, Shein, and Shopee.

Las opiniones compartidas y expresadas por los analistas son libres e independientes, y solamente sus autores son responsables de ellas. No reflejan ni comprometen el pensamiento o la opinión del equipo de Latam Fintech Hub y, por lo tanto, no pueden interpretarse como recomendaciones emitidas por la plataforma. Esta plataforma es un espacio abierto para promover la diversidad de puntos de vista en el ecosistema Fintech.

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