RITMO raises $200m for e-commerce financing and payments platform
RITMO, a FinTech platform that provides working capital finance and an automated buy now, pay later system for e-commerce businesses, has closed a $200 million debt funding round led by i80 Group and Avellinia Capital.
To date, RITMO has raised $225 million in debt and equity funding in its first year of operations with support from serial entrepreneurs and institutional investors.
The funding will be used to ensure capital is available to fuel the funding of 2,000+ e-commerce clients over the next 18 months in key European and LATAM countries.
It will also assist with the firm’s global expansion strategy and plans to launch in new markets through agreements with key players in the payments and e-commerce sectors.
Raimundo Burguera, CEO and Co-Founder at RITMO, says: “In less than a year of operations, I am proud to say that we have 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.”
“Doing so will reaffirm our position as one of the largest and fastest growing financing and payments platforms at a global scale.”
Asher Hochberg, Managing Director at i80 Group, says: “With the proliferation of the e-commerce marketplace ecosystem in the last few years, we are excited to partner with RITMO on their mission to provide an innovative credit financing solution to e-commerce entrepreneurs opting for non-dilutive growth capital instead of selling their business.”
Christoph Pfundstein, Co-founder at Avellinia Capital, comments: “We are delighted to, together with i80, provide a flexible multi-jurisdiction and multi-currency financing line to RITMO to support their further growth.”
“We have been very impressed with the team and their progress thus far and look forward to going on this journey together.”
