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Drip Capital is a pioneering force in trade financing, promising and delivering 80% of receivables financing within 24 hours. Founded in 2014, they've grown to serve 9000+ customers across 100+ countries, providing SMBs with access to safe, efficient, and collateral-free finance through their one-stop platform for cross-border trade capital.
Challenges
Complex Identity Verification
Drip Capital's reliance on manual verification processes was time-consuming and error-prone, creating significant barriers to scaling their operations efficiently.
Limited Global Data Access
Local data aggregators and bureaus proved insufficient for Drip's global operations, particularly when verifying individuals through digital channels with minimal information.
Digital Fraud Risk
As a fintech operating globally, Drip faced the critical challenge of verifying whether applicants were legitimate business representatives, using only basic digital identifiers like phone numbers and email IDs.
Solution
Drip Capital partnered with Monnai to leverage its premier global consumer data infrastructure, enabling:
Comprehensive Digital Verification
Monnai's technology allowed Drip to gather extensive individual data using just phone numbers or email IDs, providing crucial insights for verification.
Enhanced Data Analytics
The platform delivered detailed information about phone number validity, age, provider matching, and public source verification, enabling robust in-house policy creation.
Global Data Coverage
Monnai's solution provided access to comprehensive global data sources, ensuring consistent verification capability across all markets.
Outcomes
Accelerated Approval Process
Implementation of Monnai's solution led to a 40% reduction in approval time, significantly improving customer response rates.
Enhanced Risk Assessment
Access to comprehensive global data sources enabled more accurate identity verification and informed decision-making across borders.
Streamlined Operations
The solution transformed Drip's verification processes from manual to automated, enabling efficient scaling of operations.
