Marco announced the receipt of a $200 million credit line from MidCap Financial, a leading mid-market lender and a specialist in private loans based on Castlelake global assets.
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Marco is the first technological trade finance platform designed for representatives of small and medium-sized businesses that operate in the United States and Latin America.
This company also announced the attraction of equity financing of 8.2 million dollars. Financial resources will allow expanding the customer base, which has been steadily growing lately, and the product portfolio.
Also, as part of the disbursement of the loan and equity funds, the firm will be able to expand the scale of providing services that are aimed at reducing the global trade finance deficit in the amount of $ 2 trillion. This deficit does not allow small and medium-sized enterprises to fully develop.
Small and medium-sized businesses are the basis for the development of the global economy. Its share for more than 50% of employment worldwide. At the same time, enterprises in this sector have limited access to financing. Worldwide, banks reject 50% of loan applications from small and medium-sized businesses. In Latin America, this negative indicator is 90%.
Marco combines intelligent decision-making models with best-in-class industry experts. The company provides loans to small and medium-sized businesses in the shortest possible time and under a simplified procedure.
Marco reveals simplifies and accelerates cross-border trade through the use of advanced technologies. Peter D. Spradling, co-founder and CEO of the company, says that the firm is solving a significant but insufficiently recognized economic problem, which is that small exporters cannot quickly access capital in emerging markets.
As we have reported earlier, Payments Intelligence Startup Pagos Raises $34 Million.
