sellerfunding Secured $166.5 million in combination with Series A equity funding and a credit facility to continue developing its technology and payment platforms for e-commerce businesses.
Northzone led the round and Endeavor was joined by Catalyst and Fasanara. SellersFunding CEO Ricardo Pero did not disclose the funding breakdown, but said the company had previously raised two seed rounds for a total of $40 million in equity and more than $100 million in credit facilities, including a company expansion of $200 million. million was.
SellersFunding, with offices in Florida, New York and London, created a digital platform that provides financial tools and resources to streamline global commerce for thousands of markets, including working capital, cross-border cash management, tax resolution and business valuation.
Pero got the idea for the company after spending 20 years in the financial industry. He left JP Morgan in 2016 to start his own company. He was consulting for a friend selling on Amazon, who asked him to help him understand Amazon’s fees and review next year’s budget as the friend was struggling with growth.
“I helped them resolve the fee issue, but when I went to talk to traditional lenders, I found that they had no idea about the needs of e-commerce and SMEs,” he said.
In addition to being a lending source for businesses selling on these marketplaces, SellersFunding leverages sales data provided by marketplaces and e-commerce platforms to create sales and cash flow estimates based on credit limits offered to customers. Better understand owner fees. They are paying and making more informed decisions.
He founded the company in 2017, and today has over 30,000 registered users and is approaching $10 billion in sales volume that is feeding data into SellersFunding’s daily model. The company makes money both as a lender and charges fees for the payments it collects from its customers. Merchants can collect funds from the market and pay their suppliers in local or foreign currency.
Pero said sellersfunding has consistently grown 300% year over year. As such, he intends to use the new funding globally, expand the team, build a marketing budget, and seek two smaller acquisitions in the US and Europe.
The company will continue to invest in the payments side and promote cross-border payments.
“When I look at the payments landscape, companies are competing on pricing and I don’t think we’ll ever focus there, but rather on customer experience,” Pero said. “Our core business will always be lending and our main investments will be payments and technology, but then we will expand to other services that our customers want.”
He added that with a view to expand internationally, it is apt to bring in Northzone as a partner. The venture firm is based in Europe and had a similar vision to think globally.
Northzone general partner Jeppe Zink said via email that Pero and his team are “the most experienced in this category” and are building a category leader that is “more experienced on the lending side than its competitors.” and understanding.”
“We’ve seen this huge growth in e-shopping, with most of the new ones coming from markets like Amazon and Shopify, and if you look at sellers, there are thousands of small businesses sourcing their stuff, which means they’re very important customers,” added Zinc. “Ordinary banks like Barclay can’t check credit. SellersFinding is helping small businesses get this credit, and rightly so. That’s the way we thought when it comes to delivering credit and banking products.” So Neobanks live, they are nowhere to be found yet.”