Marco Financial, a Miami FL-based financing platform for exporters, raised $82M in seed funding.
The round was led by Kayyak Ventures with participation from Village Global VC, Flexport Ventures, Tresalia Capital, 342 Capital, Struck Capital, Antler LLC, Antler Elevate, Florida Funders, and Fox Ventures, as well as strategic angel investors Phil Bentley, CEO of Mitie, and Naman Budhdeo, CEO and Co-Founder of Tripstack and FlightNetwork.
The company, which has also increased its credit line to $100M provided by Arcadia Funds, intends to use the funds for product development and business expansion. The new facility will also expand the fintech’s supply chain finance, asset-based lines of credit, purchase order, and inventory financing.
Founded in 2019 by Peter D. Spradling and Jacob Shoihet, and also led by CPO Prajwal Manalwar and CGO Sabrina Teichman, Marco provides a tech-enabled financing platform built for small and medium-sized exporters in the United States and Latin America to simplify and accelerate cross-border trade.
The company is headquartered in Miami, FL, with offices in New York, Dallas, and across Latin America. Since launching in January 2020, Marco has funded invoices across 20 countries.