Additional investors in the newest seed round and expanded credit facility include Village Global VC, Flexport Ventures, Tresalia Capital, 342 Capital, Struck Capital, Antler LLC, Antler Elevate, Florida Funders, Fox Ventures and Arpegio – Venture Capital.
The new funding will go toward simplifying cross-border payments, assessing risk and productising ways to take unstructured data, processes, and work to create a better experience for the customer. The company also said it aims to give large logistics providers the ability to finance exports on their own.
Marco’s factoring product enables new companies to get started without having to put up the collateral that banks are asking. Banks typically look at financial statements for the past two years of the business and give a line of credit accordingly. In contrast, Marco reduces risk by basing its lines of credit on an analysis of the future potential of the business, thereby freeing up cash so that small and medium exporters can continue their operations and invest in their growth.
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