By Gloria Methri
Today
- Castlelake
- Credit Facility
- FinTech
Marco, the tech-enabled trade financing platform built for small and medium-sized businesses in Latin America and the United States has received a $200 million credit facility from MidCap Financial and Castlelake.
arco has also announced it raised $8.2 million in equity funding, led by Arcadia Funds LLC. The new funding will support Marco’s growing client base and portfolio to expand its trade finance platform and a suite of trade services aimed at closing the $2 trillion global trade finance gap that disproportionately impacts SMEs.
Marco empowers small businesses by simplifying, accelerating, and reimagining cross-border trade with cutting-edge technology. Its tech-powered risk solutions enable SMEs to receive a decision within days and a 24-hour approval turnaround.
“Marco is addressing one of the most pressing yet under-recognized economic issues of today: the ongoing inability for small exporters in emerging markets to swiftly access capital,” said co-founder and COO Peter D. Spradling.
The credit facility and equity financing follow a year of significant growth for the three-year-old FinTech.
The Miami-based company plans to expand its ecosystem to continue providing SMEs with critical trade finance products, such as factoring, purchase order financing, and asset-based lending, and to grow its exporter-focused trade services suite.
“We’re extremely proud to have provided small businesses with more than $250M of liquidity in two short years, but the best is yet to come,” said Marco co-founder and CEO Jacob Shoihet. “Our new financing comes during a tremendous period of growth at Marco and demand for our services and will help us meet the pressing liquidity demands of small exporters who are increasingly vital to a healthy, thriving, and resilient global and borderless economy.”
