Ritmo Raises $200M In Debt Funding – Cryptovibes.com – Daily Cryptocurrency and FX News
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The latest reports confirm that Fintech RITMO has successfully closed a $200 million debt funding round that was led by Avellinia Capital and i80 Group. The funding has made it one of the biggest funding rounds of any e-commerce finance business in Latin America (LATAM) and Europe.
The debt financing was offered by i80 Group, which is a US-based leading provider of capital. The firm specializes in providing funds to breakthrough technology companies. In that context, i80 Group has committed more than $1 billion in credit to fintech and proptech companies.
Avellinia Capital also participated. Avellinia is a leading European provider of tailor-made capital solutions. It focuses on the fast-growing disruptors across fintech lending, e-commerce, and mobility. Up to today, RITMO has raised $225 million in equity and debt funding in its first year in operation with support from institutional investors and serial entrepreneurs.
The funds will be used to support RITMO’s rapid growth, guaranteeing capital is available to fuel the funding of more than 2,000 e-commerce clients in the coming 18 months is crucial for European and LATAM countries. This money will also help with RITMO’s global expansion strategy and its plans to launch in new markets via agreements with important players in the e-commerce and payments sectors.
Launched in 2021 by Iván Peña, Raimundo Burguera, Prageet Sharma, and Iñaki Mediavilla, RITMO is a fintech platform that offers working capital financing and an automated Buy Now, Pay Later (BNPL) payment network for e-commerce firms to resolve supply chain challenges, guaranteeing that they can manage their cash flow better and scale faster.
Through its current range of products, RITMO seems to be embedded in the daily operations of its clients, providing financing for growth and supporting the merchants to extend their payment terms with the suppliers.
In the last seven months, RITMO has achieved a 12X growth rate with over 600 loans made in five nations across two continents. As part of its growth strategies and international expansion, RITMO has secured many agreements with major players in the e-commerce and payments sector, with access to at least 150,000 merchants.
In March, RITMO partnered with WorldFirst, a global fintech, and international payments service provider, to launch a £100 million growth package for the fast-growing e-commerce businesses in Europe and the United Kingdom.
The CEO and Co-Founder of RITMO, Raimundo Burguera, stated:
“In less than a year of operations, I am proud to say that RITMO has closed one of the largest funding rounds of any e-commerce financing company in continental Europe and LATAM, backed by the renowned i80 Group and Avellinia Capital. With this new funding, we aim to help thousands of e-commerce entrepreneurs scale up rapidly and overcome the current supply chain challenges by providing them with the capital and tools to effectively manage their cash flow cycles. Doing so will reaffirm RITMO’s position as one of the largest and fastest-growing financing and payments platforms at a global scale.”
Managing Director of i80 Group, Asher Hochberg, commented:
“With the proliferation of the e-commerce marketplace ecosystem in the last few years, we are excited to partner with RITMO on their mission to provide an innovative credit financing solution to e-commerce entrepreneurs opting for non-dilutive growth capital instead of selling their business.”
On the other hand, the co-founder of Avellinia Capital, Christoph Pfundstein, concluded:
“We are delighted to, together with i80, provide a flexible multi-jurisdiction and multi-currency financing line to RITMO to support their further growth. We have been very impressed with the RITMO team and their progress thus far and look forward to going on this journey together.”
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