Ritmo Raises $200M in Debt Funding

Fintech 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 in Latin America (LATAM).

Debt financing was provided by i80 Group, a leading US-based capital provider for advanced 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.

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

The funding will be used to support RITMO’s rapid growth, ensuring that capital is available to power funding for over 2,000 e-commerce customers over the next 18 months in key European countries and LATAM. 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.

Over the past seven months, RITMO has achieved a 12x growth rate with more than 600 loans made 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 finance company in the world. e-commerce in continental Europe and LATAM, supported 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, Managing Director of i80 Group, said, “With the proliferation of the e-commerce market ecosystem over the past few years, we are delighted to partner with RITMO in their mission to provide an innovative credit to e-commerce entrepreneurs opting for non-dilutive growth capital instead of selling their business.

Christoph Pfundstein, co-founder of Avellinia Capital, said: “We are delighted, with i80, to provide 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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