The debt financing was provided by i80 Group, a US-based leading provider of capital to breakthrough technology companies that has committed over $1 billion in credit to fintech and proptech firms and by Avellinia Capital, a leading European provider of tailor-made capital solutions for fast-growing disruptors across fintech lending, e-commerce and mobility.

To date, RITMO has raised $225 million in debt and equity funding in its first year of operations with support from serial entrepreneurs and institutional investors.

The funding will be used to support RITMO's rapid growth, ensuring capital is available to fuel the funding of over 2,000 e-commerce clients over the next 18 months in key European and LATAM countries. The funding will also assist with RITMO’s global expansion strategy and plans to launch in new markets through agreements with key players in the payments and e-commerce sectors.

Founded in 2021 by Raimundo Burguera, Iñaki Mediavilla, Iván Peña and Prageet Sharma, RITMO is a fintech platform that provides working capital financing and an automated Buy Now, Pay Later (BNPL) payment system for e-commerce businesses to overcome supply chain challenges, ensuring they can better manage cash flow and scale faster. Through this range of products, RITMO is embedded in the day to day operations of its clients, offering financing for growth and enabling merchants to extend payment terms with suppliers.

In the past seven months, RITMO has achieved a 12x growth rate with more than 600 loans made in five countries across two continents.

As part of its growth and international expansion strategy, RITMO has secured agreements with major players in the payments and e-commerce sector, with access to more than 150,000 merchants. In March 2022, RITMO partnered with global fintech and international payments service provider, WorldFirst, to launch a £100 million growth package for fast-growing e-commerce businesses in the UK and Europe.

Raimundo Burguera, CEO and Co-Founder of RITMO, said: “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. Doing so will reaffirm RITMO’s position as one of the largest and fastest growing financing and payments platforms at a global scale.”

Asher Hochberg, Managing Director of i80 Group, said: “With the proliferation of the e-commerce marketplace ecosystem in the last few years, we are excited to partner with RITMO on their mission to provide an innovative credit financing solution to e-commerce entrepreneurs opting for non-dilutive growth capital instead of selling their business.”

Christoph Pfundstein, 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.”