Fintech startup, Marco, acquired new clients in Mexico and Ecuador, adding to its roster of Latin American SME clients. An Ecuadorian fruit exporter and a Mexican logistics company have partnered with Marco in order to expand their international trade finance facilities.
The Mexican logistics company, with clients throughout Latin America, moves products for multinational companies worldwide. With the high cost of logistics due to the pandemic and clients asking for 90 days, more capital was needed for continued growth. The success of this company is growing fast and Marco’s $800,000 credit line is forecasted to expand quickly based on the business they foresee in the short-term.
Separately, Marco’s $350,000 line provides a solution to a liquidity problem experienced by an Ecuadorian fruit exporter. The company was lacking the capital needed in order to continue paying suppliers in cash and move forward with its year-round exports to the United States. Marco’s factoring tool was leveraged and rates were adjusted to this company’s particular needs, beating out a competitor for lower rates in the process.
“The professionalism brought forth from the team in Ecuador allowed us to move forward swiftly, especially since factoring was essential in order to keep the business afloat,” John Spradling, Marco’s Director of LatAm Growth, said.
“It gives me a great deal of personal satisfaction when we can assist companies (specifically SMEs) with their growth initiatives,” Peter D. Spradling, COO and co-founder of Marco, said. “We are proud to have earned the trust of various new partners in Latin America. From small exporters in LatAM to larger businesses in the U.S. and Canada, Marco has proven that it can provide customized solutions.”
