RITMO – a Spanish fintech startup – plans to help eCommerce entrepreneurs and businesses expand rapidly and surmount various supply-chain challenges by offering them capital.
Revenue-based financing startups are gaining strength by offering low-on-cash startups a viable alternative to bank loans, venture debt, or venture capital.
RITMO raised around €13.8M in funding in the previous year, while this year, they have collected $200M debt funding led by Avellinia Capital & i80 Group. As per the company, it’s a contender for the biggest funding rounds held in Latin America and Europe by any eCommerce business.
What will the funding be used for?
The funds will support businesses’ rapid growth, making sure capital is there to fuel funding of more than 2000 e-commerce customers in the next 12-18 months in various LATAM and European countries.
Established in 2021, the startup offers a “Buy Now, Pay Later” automated payment system and capital financing for eCommerce companies to overcome supply-chain difficulties, ensuring they can scale faster and better manage available funds.
The platform has secured major agreements with key players in eCommerce and payment sectors, with easy access to over 150000 merchants.
More about the startup
It even partnered with WorldFirst – an international payment provider and global fintech – to launch a £100M growth plan for rapidly-growing eCommerce companies within Europe and UK.
RITMO’s Co-founder and CEO, Raimundo Burguera, stated: “In less than a year of operations, RITMO has closed one of the largest funding rounds of any e-commerce financing company in continental Europe and LATAM, backed by the renowned i80 Group and Avellinia Capital. With this new funding, we aim to help thousands of e-commerce 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.”
i80 Group’s managing director Asher Hochberg said: “There has been a proliferation of the e-commerce marketplace ecosystem in the last few years. RITMO is on a mission to provide an innovative credit financing solution to e-commerce entrepreneurs opting for non-dilutive growth capital instead of selling their business.”