Madrid-based FinTech RITMO on Friday (April 8) secured over €184 million (more than $200 million) in a debt funding round that will help the company bolster its financial operating platform for online sellers by making capital more accessible to sellers across Europe and Latin America, according to EU-Startups.
RITMO will use the fresh capital to support its growth and support the funding of more than 2,000 eCommerce European and Latin American customers for the next 18 months with plans to expand into new markets around the world.
Avellinia Capital and i80 Group led the funding effort, which is one of the largest funding rounds for an eCommerce FinTech in the region, the report says.
“In less than a year of operations, I am proud to say that RITMO has closed one of the largest funding rounds of any eCommerce financing company in continental Europe and LATAM, backed by the renowned i80 Group and Avellinia Capital,” said Raimundo Burguera, CEO and co-Founder of RITMO, in the report.
“With this new funding, we aim to help thousands of eCommerce entrepreneurs scale up rapidly and overcome the current supply-chain challenges by providing them with the capital and tools to effectively manage their cash flow cycles,” he said. “Doing so will reaffirm RITMO’s position as one of the largest and fastest-growing financing and payments platforms at a global scale.”
RITMO, which was founded in 2021 by Burguera, Iñaki Mediavilla, Iván Peña and Prageet Sharma, helps entrepreneurs in the digital economy — especially female business leaders and those at the helm of sustainability-oriented businesses — scale quickly.
The platform offers working capital financing and an automated buy now, pay later (BNPL) payment system to help eCommerce businesses overcome supply-chain challenges, manage cash flow and scale faster. RITMO is embedded in the clients’ day-to-day operations, providing financing for growth and allowing merchants to extend their suppliers’ payment terms.
RITMO has handed out more than 600 loans in five countries across two continents in the past seven months. The company has access to more than 150,000 merchants through agreements in the payments and eCommerce sector. It partnered with global FinTech and international payments service provider WorldFirst in March.
Related: Spanish Property Tech Startup Vivla Raises $29.7M
Last month, Madrid-based Vivla raised 27 million euros ($29.7 million), becoming the highest-funded home ownership startup in Europe.
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