Marco Financial has raised $80 million in seed funding led by Kayyak Ventures while simultaneously received an increased credit line to $100M provided by Arcadia Funds.
Additional investors in the seed round and expanded credit facility include Village Global VC, Flexport Ventures, Tresalia Capital, 342 Capital, Struck Capital, Antler LLC, Antler Elevate, Florida Funders, and Fox Ventures. Strategic angel investors include Phil Bentley, CEO of Mitie and Naman Budhdeo, CEO and Co-Founder of Tripstack and FlightNetwork.
Marco is a trade finance platform that is focusing on the Latam markets. The new capital will be used to “provide the trade finance rails for the world’s largest logistics and shipping conglomerates.”
Marco is pursuing an embedded finance model to support SMEs in Latin America. The funding will support supply chain finance, asset-based lines of credit, purchase order, and inventory financing.
Peter D. Spradling, COO and co-founder of Marco, issued the following comment:
“Small exporters, especially in LatAm, are burdened with a broken financing system that makes it nearly impossible to compete with larger exporters. Banks aren’t built to serve the needs of smaller companies; they often make SMEs wait around 90 days before rejecting over 50% of trade finance applications. We built Marco specifically to support this disadvantaged market. The seed round will help build a more stable and equitable trade ecosystem.”
Marco previously raised $26 million in equity and credit back in September 2020. Since that round, Marco has helped finance trade deals in 20 countries. Marco notes that it has hired Prajwal Manalwar as Chief Product Officer and Sabrina Teichman as Chief Growth Officer. Manalwar previously worked at PayPal, where he was product lead focused on enabling PayPal Debit Cards and its expansion with 3DS platform, wallet tokenization for better transaction authorization rate, and expanding PayPal’s presence in in-store payment via partnerships with Google Pay and Samsung Pay. Teichman joins after 11 years in the Federal government, most recently serving as Managing Director for the Western Hemisphere at the U.S. Government’s development bank.
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