Marco Financial, a technology-enabled trade financing platform built for small and medium-sized businesses in the United States and Latin America, partnered with CARGOES Finance by DP World, a platform that enables access to working capital for small and medium-sized enterprises in emerging markets. As an approved lender for CARGOES Finance, Marco will enable SMEs within CARGOES Finance by DP World’s customer base access to the financing they require to grow and help close the growing $1.7 trillion global trade finance gap that prevents small exporters from competing in global markets.
DP World is a logistics company that operates 90 terminals — including 12 in Central and South America — across six continents. The company handled more than 10% of global container trade in 2021. In July, DP World launched CARGOES Finance, a financial technology platform that offers trade, logistics and inventory financing solutions to SMEs.
“DP World’s global footprint and tremendous cargo volume opens exciting new opportunities for Marco to help close the trade finance gap that is disproportionately impacting small exporters and stymieing their access to the global economy,” Jacob Shoihet, CEO and co-founder of Marco, said. “As an authorized lender on the CARGOES Finance platform, we have embedded MarcoScan, our new document recognition and analytics tool, into one of the world’s largest logistics providers, allowing us to scale and support more SMEs in need of the working capital they typically cannot access. This partnership with DP World represents a major step in Marco’s growth toward an embedded finance model that reimagines a more equitable and democratic trade finance ecosystem for the 21st century.”
“Continuing our journey to bridge the global trade finance gap, we have partnered with Marco to accelerate the progress made so far,” Sinan Ozcan, senior executive officer at DP World Financial Services Limited, said. “With a strong presence in the U.S. and Latin America, Marco enhances our coverage to geographies that have a huge underserved SME base and access to credit has been a key challenge that remains unsolved.”
