Marco Financial secures $26m to help fund SMEs in Latin America
September 22th, 2020 – Marco Financial, the financing platform built for small and medium-sized Latin American exporters, has bagged $26m in funding and credit.
The company will use the new cash influx to address the $1.5tn global trade finance gap that disproportionately impacts SMEs businesses.
The funding includes an equity round led by Struck Capital and Antler as well as a credit facility underwritten by Arcadia Funds.
While SMEs account for 80% of the employment in developing countries, Marco said these exporters face massive financial hurdles due to long payment cycles. The gap between when goods are shipped by the exporter and when the buyer submits payment can last two to four months.
The FinTech has positioned itself to address this financing gap by providing fast and easy financing to Latin American SME exporters selling to US buyers with an innovative due diligence process that leverages real-time data to dynamically assess risk and mitigate capital loss.
Written by AltAssets
Photo: LaPressa
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