The Spanish ‘fintech’ Ritmo captures 184 million in credit to finance more ‘ecommerces’ | companies

rhythm, the financial technology company that supports online businesses with a financing model based on data, has closed a debt financing round of 200 million dollars (€184 million) led by i80 Group and Avellinia Capital. This is one of the largest operations of this type obtained by a business dedicated to the financing of electronic commerce in Europe and Latin America.

The debt financing has been provided by the i80 Group, a US fund that has already committed more than $1 billion in credit to companies. financial technology Y proptechand by Avellinia Capital, one of the leading European providers of tailored capital solutions for fast-growing disruptive companies in the lending sectors financial technologyelectronic commerce and mobility.

The Madrid startup, founded in 2021 by entrepreneurs Raimundo Burguera, Iñaki Mediavilla, Iván Peña and Prageet Shama, and which has offices in Spain and Mexico, has raised $225 million (207 million euros) in financing to date. debt and equity with the support of serial entrepreneurs and institutional investors. Among its investors are Sabadell Venture Capital, Inveready and JME Ventures, which led its first round of financing worth three million euros, and some strategic investors with extensive experience in international capital markets such as Bruno del Ama, CEO of Finrebel; Pedro Flames, investor and co-founder of several technology companies in Asia such as International Biometrics (now listed in Singapore), and Alfredo Soriano, senior adviser JB markets.

The new funds raised will be used to support the growth of the company, 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 Latin America. As explained from the financial technologyfrom its platform it offers financing for working capital and an automated payment system for buy now pay later (buy now, pay later) “to help e-commerce businesses overcome supply chain challenges, ensuring they can improve their cash flow and scale faster.”

The funds raised will also help Ritmo’s global expansion strategy and its launch plans in new markets through agreements with the main operators in the payment and electronic commerce sectors.

“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 strengthen Ritmo’s position as one of the largest financing and payment platforms with the highest growth worldwide”, says Burguera, CEO of the company.

According to data provided by the financial technology Spanish, in the last seven months they have achieved a growth rate of 12x, with more than 600 loans made in five countries in Europe and Latin America. The company claims that it has signed agreements with the main players in the payment and electronic commerce sector, and that it has access to a network of more than 150,000 sellers.

Last March, the startup partnered with global service provider financial technology and WorldFirst International Payments, to launch a joint £200m growth package for fast-growing e-commerce businesses in the UK and Europe.

WorldFirst, a global provider of financial technology and international payment services, has joined forces with RITMO to launch a £100 million (€120 million) growth package for fast-growing small and medium-sized e-commerce businesses in the United Kingdom.

This package uses WorldFirst’s cross-border payment infrastructure, which allows customers to open free business accounts abroad to pay their payees in their local currencies and collect payments from markets and payment gateways. This is combined with access to working capital loans through Ritmo.

With this proposal, e-commerce SMEs can request non-dilutive loans of up to 3 million pounds sterling at a reduced interest rate, according to both partners. Your customers pay a small percentage of your sales revenue each month and if these sales fluctuate or drop, the financing period is extended at no additional cost.

WoldFirst and Ritmo noted that this quick access (they receive an offer within 24 hours and the funds are deposited into their account in just five business days) and the flexible refund model “allow e-commerce companies to increase their scale during periods of greater demand or seasonal, extend the payment terms and improve the management of its treasury or open new sales channels for its growth and expansion”.

According to Asher Hochberg, CEO of i80 Group, “With the proliferation of the e-commerce market ecosystem in recent years, we are excited to partner with Ritmo in their mission to provide an innovative financing solution to e-commerce entrepreneurs who choose non-dilutive growth capital instead of to sell your business.

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