Ritmo Closes A $200m Debt Funding Round

​Fintech Ritmo has successfully raised $200 million in debt funding, 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.

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

Source: Finextra