By: 25 March 2024

Trade finance platform Marco has announced $12M funding to build an operating system for Latin American SME exporters engaged in cross-border trade.

Marco secures $12M funding to revolutionise LatAm trade finance

Marco, the platform dedicated to serving SME exporters in Latin America, has announced the successful closure of a $12m Series A funding round led by IDC Ventures. 

Founded in 2020 by Jacob Shoihet and Peter D. Spradling, Marco is committed to building the operating system for Latin American SME exporters engaged in cross-border trade. It does this in order to provide them with fast, easy access to financing, and is evolving to offer a comprehensive suite of services designed to address the unique challenges SMEs face. 

This funding marks a significant milestone in Marco’s journey, further strengthening its commitment to ESG efforts within the LatAm region. With the backing of IDB Lab, Marco is poised to launch new sustainable initiatives aimed at reaching the segments of the LatAm SME market most underserved by the current financial system. 

Commenting on the funding, co-founder and chief executive officer of Marco, Jacob Shoihet said: “We are thrilled to enter this new phase of growth catapulted by the unwavering support of our investors who believe in our mission. 

“We are looking to serve a cohort that has been historically underserved, offering a comprehensive platform that encompasses everything from financing to compliance and beyond. With our suite of solutions, we’re supercharging SMEs in trade and ultimately creating an economy that works for everyone.” 

Bobby Aitkenhead, managing director of IDC Ventures, said: “It’s great to be part of the transformative impact Marco’s platform is having on the Latin American trade sector. 

“The overwhelming demand for Marco’s solutions highlights the critical need to modernise and automate operations for SME exporters in LatAm, who have been long constrained by a lack of financing as well as antiquated ‘pen and clipboard’ workflows. By centralising operations and democratising access to capital, Marco is not just facilitating business growth; it’s profoundly impacting lives by catapulting an entire region and industry into the digital age.”

Image: Marco

Robert Welbourn
Robert Welbourn is a content editor at FinTech Intel.