The Financial technology firm, RITMO became the latest startup to receive significant debt financing for its expansion. According to the company, it has secured $200 million in a debt funding round led by i80 Group and Avellinia Capital.
With the funding, the fintech firm aims to become a prominent financing and payments platform for e-commerce. Founded in 2021, RITMO has raised approximately $225 million in debt and equity financing so far.
In a press release, RITMO has highlighted its rapid expansion in the past few months. Founded by Raimundo Burguera, Iñaki Mediavilla, Iván Peña and Prageet Sharma, the financial technology firm has achieved a 12x growth rate in the past 7 months.
“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,” Raimundo Burguera, the CEO and Co-Founder of RITMO, said.
Financing and Payments
Asher Hochberg, the Managing Director of i80 Group, believes that innovative credit financing solutions for e-commerce entrepreneurs will transform the industry in the coming years. In the latest announcement, Burguera highlighted the company’s mission to become one of the fastest growing financial and payments platforms on a global scale.
Christoph Pfundstein, the Co-Founder of Avellinia Capital, said: “We are delighted to, together with i80, provide a flexible multi-jurisdiction and multi-currency financing line to RITMO to support their further growth. We have been very impressed with the RITMO team and their progress thus far and look forward to going on this journey together.”
