Miami-Based Lending Platform for Latin American SMEs Marco Financial Raises USD7m Seed Round
13 July 2021
Marco Financial, a Miami-based lending platform for Latin American SMEs conducting international trade, raised a USD7m seed round from Kayyak Ventures, Village Global, Flexport Ventures, Tresalia Capital, 342 Capital, Struck Capital, Antler, Florida Funders, Fox Ventures, Arpegio and angels Phil Bentley (Mitie) and Naman Budhdeo (TripStack). The round also included a USD75m expanded credit facility.
(TechCrunch) – Small and medium-sized businesses in Latin America can find it difficult to get the funds they need to export their goods to the United States. It’s a gap Marco Financial is looking to bridge through its tech-enabled risk assessment platform that can provide better insight on who should receive loans.
To continue its mission, the Miami-based trade finance company raised $7 million in seed funding and $75 million in a credit facility, led by Arcadia Funds LLC and Kayyak Ventures, to increase its credit line to $100 million. Marco was backed last September by a small seed round from Struck Capital and Antler and over $20 million in a credit facility underwritten by Arcadia Funds.
Additional investors in the newest seed round and expanded credit facility include Village Global VC, Flexport Ventures, Tresalia Capital, 342 Capital, Struck Capital, Antler LLC, Antler Elevate, Florida Funders, Fox Ventures and Arpegio – Venture Capital. Strategic angel investors include Phil Bentley, CEO of Mitie, and Naman Budhdeo, co-founder and CEO of TripStack and FlightNetwork.
Red more at TechCrunch.
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