Spanish Ritmo lands $200m debt financing to drive growth

E-commerce finance fintech Ritmo has closed a $200m debt financing round led by US group i80 and Europe’s Avellinia Capital.

Ritmo receives $200 million in debt financing

According to the company, this is one of the largest funding rounds for any e-commerce finance business in Europe and Latin America.

Founded in 2021, Ritmo provides working capital financing and an automated buy now, pay later (BNPL) payment system for e-commerce businesses to help them overcome supply chain challenges, better manage cash flow and scale faster.

The Madrid-based company, which has offices in Spain and Mexico, has raised $225 million in debt and equity financing to date through serial entrepreneurs and institutional investors.

Over the past seven months, Ritmo claims to have achieved a 12x growth rate with more than 600 loans made in five countries on two continents.

Ritmo says the funding will be used to support its growth and ensure capital is available to power funding for more than 2,000 e-commerce customers over the next 18 months across European and Latin American countries.

The funding will also contribute to the company’s global expansion strategy as it plans to enter new markets.

In line with its growth strategy, Ritmo has signed agreements with major players in the payments and e-commerce industry, with access to more than 150,000 merchants.

In March 2022, the company partnered with fintech and international payment service provider WorldFirst to launch a £100m growth program for fast-growing e-commerce businesses in the UK and Europe .

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