Trade financing platform Marco lands $200m credit facility, $8m equity
Trade financing firm Marco has secured a $200 million credit facility from middle market lender MidCap Financial and asset-based private credit specialist Castlelake.
The company has also raised $8.2 million in equity funding in a round led by Arcadia Funds.
Marco says the combined funding will support its ambition to “close the $2 trillion global trade finance gap” that falls disproportionately on small and medium-sized enterprises (SMEs).
The Miami-based firm claims to utilise proprietary risk models that process data in real time to assess risk and mitigate capital loss. The company says it is addressing the issue of providing liquidity and tools for trade-focused SMEs in the US and Latin America, even “during bear market cycles”.
It adds businesses can receive the financing they need within days instead of weeks. The firm claims to have lent more than $254 million with zero losses since inception.
Marco aims to fund $750 million by the end of 2023, focusing on target segments in the US and across LatAm, specifically in Mexico, Ecuador, Colombia, and Peru, where total exports exceed $490 billion.
Marco co-founder and CEO Jacob Shoihet says: “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.”