LatamList – Marco Financial, a finance startup, raised $82M in funding with a $7M seed round and $75M in credit facility. The round was led by Arcadia Funds LLC and Kayyak Ventures.
Marco Financial is a tech-enabled trade finance platform that provides reliable access to working capital for Latin American SMEs. The platform uses technology to provide better insights into who should receive loans.
âBanks in Latin America have a saying that âthey lend money to people who donât need itâ. Families with money can access banks, but you canât launch a business without capital, and many owners lack that access to banks,â said Peter Spradling, co-founder and COO.
Marcoâs factoring product helps new companies to get started without having to provide the collateral that banks ask for. Whereas banks look at a companyâs financial statement, Marco reduces risk by basing credit lines on the businessâs future potential.
Consequently, more businesses have access to working capital and in particular, more female entrepreneurs.
âMarco is building and creating value for the whole society. This is where venture capital firms should be putting their dollars – in companies where technology and talent unleash a lot of value,â said CristĂłbal Silva Lombardi, General Partner at Kayyak Ventures.
Other investors in the round and 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.
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