Offering a financial operating platform for online sellers that makes capital more accessible, Madrid-based fintech RITMO has just bagged a massive €184 million. The debt funding round was led by i80 Group and Avellinia Capital and is one of the largest funding rounds for an ecommerce fintech business in Europe and LATAM.
Founded in 2021 by Raimundo Burguera, Iñaki Mediavilla, Iván Peña and Prageet Sharma, RITMO describes itself as the financial ally of digital companies in phases of growth. The mission is to help entrepreneurs in the digital economy to scale at speed – making capital more accessible, especially for female innovators and sustainability-oriented businesses.
The RITMO platform provides working capital financing and an automated Buy Now, Pay Later (BNPL) payment system for ecommerce businesses to overcome supply chain challenges, ensuring they can better manage cash flow and scale faster. Through this range of products, RITMO is embedded in the day to day operations of its clients, offering to finance for growth and enabling merchants to extend payment terms with suppliers.
We put RITMO on our list of Madrid-based startups to watch last year, and they’ve certainly been making big waves in this time. In the past 7 months, RITMO has achieved a 12x growth rate with more than 600 loans made in five countries across two continents.
As part of its growth and international expansion strategy, RITMO has secured agreements with major players in the payments and e-commerce sector, with access to more than 150k merchants. In March 2022, RITMO partnered with global fintech and international payments service provider, WorldFirst, to provide a growth package for fast-growing ecommerce businesses in the UK and Europe.
This fresh funding injection will be used to support RITMO’s rapid growth, ensuring capital is available to fuel the funding of over 2000 ecommerce clients over the next 18 months in key European and LATAM countries. It will also be used to support global expansion, with plans to launch in new markets.
Raimundo Burguera, CEO and Co-Founder of RITMO, said: “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. 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 RITMO’s position as one of the largest and fastest-growing financing and payments platforms at a global scale.”
Asher Hochberg, Managing Director of i80 Group, added “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.”