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Marco Financial has raised $82 million from Kayyak Ventures and Arcadia Funds to develop its product. The company’s total funding raised to date has crossed $108 million with this round
Miami-based Marco Financial, a trade finance platform providing access to working capital for LATAM small and medium enterprises, has raised $82 million in a combination of seed and debt financing round, reports state.
The seed round, where the company bagged $7 million, was led by Kayyak Ventures and the debt financing round, where it raised $75 million, was led by Arcadia Funds, as per Crunchbase. Reports state that the $75 million is an expanded credit line, now increased to $100 million. Marco Financial’s previous funding, a pre-seed and debt financing round, was in September 2020, where it raised $26 million collectively. The total amount raised by the company has crossed $108 million.
Marco Financial, founded in 2019, provides a tech-enabled risk assessment platform to help SMEs in Latin America get the required funds to export their goods to the US. In a statement to Refresh Miami, Jacob Shoihet, co-founder and CEO of Marco Financial, enunciated that the core mission for Marco Financial is to simplify and accelerate cross-border trade and get money into the hands of small businesses. Stating that the new funding would be used towards product development, Mr. Shoihet added that the company would offer a larger suite of pre-and post-shipment financing products, including supply chain finance, asset-based lending and inventory financing.
We are especially focused on building infrastructure and technology so we can support and enable large non-financial companies in the trade space (such as large shipping companies or tech-enabled freight forwarding solutions) to provide trade finance and push their financing products to their SME customers. You can almost think of us as ‘Affirm for trade finance’; that’s the vision,Jacob Shoihet, co-founder and CEO of Marco Financial
Commenting on the funding, Cristóbal Silva, Partner at Kayyak Ventures, lauded Marco Financial and said,
Driven by its purpose, culture, and world-class talent, we believe Marco is ready to revolutionize the massive but outdated trade finance market and help thousands of small LatAm exporters grow their businesses. We see immense potential for value creation in a space ready to be disrupted.Cristóbal Silva, Partner at Kayyak Ventures