Spain’s Ritmo lands $200m in debt funding to drive growth
E-commerce financing fintech Ritmo has closed a $200 million debt funding round led by US-based i80 Group and Europe’s Avellinia Capital.
Ritmo receives $200m in debt funding
According to the firm, it 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, manage cash flow better and scale faster.
The Madrid-based company, which has offices in Spain and Mexico, has now raised $225 million to date in debt and equity funding via serial entrepreneurs and institutional investors.
In the past seven months, Ritmo claims to have achieved a 12x growth rate with more than 600 loans made in five countries across two continents.
Ritmo says the funding will be used to support its growth and ensure capital is available to fuel the funding of over 2,000 e-commerce clients over the next 18 months in European and Latin American countries.
The funding will also aid the company’s global expansion strategy as it plans to launch in new markets.
In line with its growth strategy, Ritmo has secured agreements with major players in the payments and e-commerce sector, with access to more than 150,000 merchants.
In March 2022, the company partnered with fintech and international payments service provider WorldFirst to launch a £100 million growth package for fast-growing e-commerce businesses in the UK and Europe.
