Fintech Ritmo Completes $200M Debt Funding Round

Fintech RITMO has successfully closed a $200 million debt funding round led by i80 Group and Avellinia Capital, making it one of the largest funding rounds of any e-commerce finance business in Europe and Latin America (LATAM).

The debt financing was provided by i80 Group, a US-based leading provider of capital to breakthrough technology companies that has committed over $1 billion in credit to fintech and proptech firms and by Avellinia Capital, a leading European provider of tailor-made capital solutions for fast-growing disruptors across fintech lending, e-commerce and mobility.

To date, RITMO has raised $225 million in debt and equity funding in its first year of operations with support from serial entrepreneurs and institutional investors.

The funding will be used to support RITMO's rapid growth, ensuring capital is available to fuel the funding of over 2,000 e-commerce clients over the next 18 months in key European and LATAM countries. The funding will also assist with RITMO's global expansion strategy and plans to launch in new markets through agreements with key players in the payments and e-commerce sectors.

Founded in 2021 by Raimundo Burguera, Iñaki Mediavilla, Iván Peña and Prageet Sharma, RITMO is a fintech platform that provides working capital financing and an automated Buy Now, Pay Later (BNPL) payment system for e-commerce businesses to overcome supply chain challenges, ensuring they can better manage cash flow and scale faster. Through this range of products, RITMO is embedded in the day to day operations of its clients, offering financing for growth and enabling merchants to extend payment terms with suppliers.

In the past seven months, RITMO has achieved a 12x growth rate with more than 600 loans made in five countries across two continents.

As part of its growth and international expansion strategy, RITMO has secured agreements with major players in the payments and e-commerce sector, with access to more than 150,000 merchants.

(Source: Finextra）