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.
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."
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.