Marco, a tech-enabled trade financing platform built for small and medium-sized businesses in Latin America and the United States, received a $200 million credit facility from middle-market lender MidCap Financial and global asset-based private credit specialist Castlelake. Marco has also raised $8.2 million in equity funding, led by Arcadia Funds. The new funding will support Marco’s growing client base and portfolio to expand its trade finance platform and suite of trade services aimed at closing the $2 trillion global trade finance gap that disproportionately impacts small and medium-sized enterprises (SMEs).
“Marco is addressing one of the most pressing yet under-recognized economic issues of today: the ongoing inability for small exporters in emerging markets to swiftly access capital,” Peter D. Spradling, co-founder and COO of Marco, said. “We believe that when there’s economic uncertainty is exactly the time when lenders should help businesses. The umbrella should be given to businesses when the forecast shows rain, not when it’s sunny.”
“We’re extremely proud to have provided small businesses with more than $250M of liquidity in two short years, but the best is yet to come,” Jacob Shoihet, co-founder and CEO of Marco, said. “Our team is working on some revolutionary products that address exporters’ critical needs, crafted by our new CTO, Nik Bougalis. 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.”