RITMO has closed a $200 million debt financing round led by i80 Group and Avellinia Capital
By Joy Dumasia
April 08, 2022
- Avellinia Capital
- Buy now Pay later
RITMO has successfully closed a $200m debt financing round led by i80 Group and Avellinia Capital, making it one of the largest financing rounds of any e-commerce finance business in Europe and the UK. Latin America (LATAM).
Debt financing was provided by i80 Group, a leading US-based capital provider to cutting-edge technology companies that has committed over $1 billion in credit to FinTech and proptech companies and by Avellinia Capital, a leading European provider of tailored capital solutions for fast-growing disruptors in FinTech lending, e-commerce and mobility.
RITMO raised $225 million in debt and equity financing in its first year of operation with backing from serial entrepreneurs and institutional investors. The funding will support RITMO’s rapid growth, ensuring capital is available to power funding for over 2,000 e-commerce customers over the next 18 months in major European and LATAM countries. The funding will also contribute to RITMO’s global expansion strategy and plans to launch into new markets through agreements with key players in the payments and e-commerce industries.
Founded in 2021 by Raimundo Burguera, Iñaki Mediavilla, Iván Peña and Prageet Sharma, RITMO is a FinTech platform that provides working capital financing and a Buy Now, Pay Later (BNPL) automated payment system for e-commerce businesses to overcome supply chain challenges, ensure they can manage cash flow better and scale faster. Through this product line, RITMO is integrated into the day-to-day operations of its customers, providing financing for growth and allowing merchants to extend payment terms with suppliers.
RITMO has achieved a 12x growth rate over the past seven months, with more than 600 loans granted in five countries on two continents. As part of its growth and international expansion strategy, RITMO has entered into agreements with major players in the payments and e-commerce industry, with access to more than 150,000 merchants. In March 2022, RITMO partnered with global FinTech and international payment service provider, WorldFirst, to launch a £100m growth program for fast-growing e-commerce businesses in the UK and in Europe.
Raimundo Burguera, CEO and co-founder of RITMO, said, “In less than a year of activity, I am proud to say that RITMO has closed one of the largest funding rounds of any e-commerce finance company in Continental Europe and LATAM, backed by the famous i80 group and Avellinia Capital. With this new funding, we aim to help thousands of e-commerce entrepreneurs grow rapidly and overcome today’s supply chain challenges by providing them with the capital and tools to effectively manage their cash cycles. This will reaffirm RITMO’s position as one of the largest and fastest growing finance and payment platforms globally.
Asher Hochberg, i80 Group Managing Directorsaid: “With the proliferation of the e-commerce market ecosystem over the past few years, we are delighted to partner with RITMO in its mission to provide an innovative credit financing solution to e-commerce entrepreneurs opting for growth capital. non-dilutive instead of selling their business.”
Christoph Pfundstein, co-founder of Avellinia Capitalsaid: “We are delighted to provide, with i80, a flexible multi-jurisdiction and multi-currency line of funding to RITMO to support its future growth. We have been very impressed with the RITMO team and their progress so far and look forward to continuing this journey together.
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