The capital as a service startup, Ritmo, successfully closes a financing round of 200 million dollars led by i80 Group Y Avellinia Capital. Being one of the largest rounds of financing obtained by a business dedicated to financing e-commerce in Europe and Latin America (LATAM).
This funding has been provided by i80 Groupthe leading US fund in providing capital for innovative technology companies that has already committed more than 1,000 million dollars in credit for fintech and proptech companies; and by Avellinia Capitalone of the leading European providers of tailor-made capital solutions for fast-growing disruptive companies in the fintech lending, e-commerce and mobility sectors.
Ritmo accumulates 225 million dollars in debt and equity financing in its first year
To date, Ritmo has raised $225 million in debt and equity financing in its first year of operations with the support of serial entrepreneurs and institutional investors.
The funds will be used to support the rapid growth of Ritmo, guaranteeing the availability of capital for the financing of more than 2,000 clients in the next 18 months in key countries in Europe and LATAM. The funding will also contribute to the global expansion strategy of the company and its launch plans in new markets through agreements with the main operators in the payment and electronic commerce sectors.
Raimundo Burguera, CEO and co-founder of Ritmo, states: “In less than a year of operations, I am proud to say that Ritmo has closed one of the largest financing rounds of any financing company for e-commerce in continental Europe and LATAM, backed by the prestigious firm i80 Group and Avellinia Capital. With this new injection of capital, we intend to help thousands of e-commerce entrepreneurs quickly scale and overcome current supply chain challenges, providing them with the capital and tools to effectively manage their treasury cycles. This will reinforce Ritmo’s position as one of the world’s largest and fastest growing payment and financing platforms.”
Latest movements of the capital as a service startup
In the last seven months, Ritmo has achieved a 12x growth ratemore than 600 loans made in five countries spread over two continents.
As part of their growth and international expansion strategy, they have reached agreements with the main players in the payment and electronic commerce sector, having access to a network of more than 150,000 vendors. In March 2022, it partnered with global fintech and international payments services provider WorldFirst, to launch a joint growth package of 100 million pounds for fast e-commerce companies growth in the UK and Europe.
Asher Hochberg, CEO of i80 Groupstates, “With the proliferation of the eCommerce market ecosystem in recent years, we are excited to partner with Ritmo in their mission to provide an innovative financing solution to eCommerce entrepreneurs who opt for non-refundable growth capital. dilutive instead of selling your business.
Christoph Pfundstein, co-founder of Avellinia Capital, states: “We are delighted to provide, together with i80, a flexible, multi-jurisdictional, multi-currency financing facility to Ritmo to support its further growth. We have been very impressed with the Ritmo team and their progress thus far and are looking forward to this journey together.”
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