RITMO raises $200 million in debt funding

Fintech RITMO The successful closing of a $200 million debt financing round was led by i80 Group Avellinia Capital it is one of the largest financing rounds for any e-commerce finance company in Europe or Latin America (LATAM).

Avellinia Capital, a European leader in tailor-made capital solutions, provided the debt financing. Avellinia Capital is a leading European provider for capital solutions to fast-growing disruptors in fintech lending and e-commerce.

RITMO has raised $225 Million in equity and debt funding since its inception. This was with the support of institutional investors and serial entrepreneurs.

The funding will be used to support RITMO’s rapid growth, ensuring capital is available to fuel the funding of over 2,000 e-commerce clients over the next 18 months in key European and LATAM countries. The funding will also assist with  RITMO’s global expansion strategy and plans to launch in new markets through agreements with key players in the payments and e-commerce sectors.

Founded in 2021 by Raimundo Burguera, Iñaki Mediavilla, Iván Peña and Prageet Sharma, RITMO is a fintech platform that provides working capital financing and an automated Buy Now, Pay Later (BNPL) payment system for e-commerce businesses to overcome supply chain challenges, ensuring they can better manage cash flow and scale faster. RITMO offers a range of products that allow it to be integrated into the day-to day operations of its clients. This includes financing for growth as well as allowing merchants to extend payment terms to suppliers.

RITMO’s growth rate has been 12x in the last seven months. RITMO has made more than 600 loans to five countries, on two continents.

RITMO has signed agreements with top players in the payments and ecommerce sectors to expand its international reach and grow. In March 2022, RITMO partnered with global 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.

Raimundo Burguera is CEO and Co-Founder at RITMO.: “In less than a year of operations, I am proud to say that 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. We are aiming to assist thousands of entrepreneurs in e-commerce to scale up quickly and address the current supply chain challenges. This funding will provide them with capital and the tools they need to manage cash flow cycles. Doing so will reaffirm RITMO’s position as one of the largest and fastest-growing financing and payments platforms at a global scale.”

Asher Hochberg is the Managing Director at i80 Group.: “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 PfundsteinAvellinia Capital’s co-founder, Jeremy, stated:: “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 RITMO team and their progress thus far and look forward to going on this journey together.”

 

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