TLDR:
- Marco raises $12 million in Series A funding to expand solutions for Latin American SME exporters.
- The company plans to develop additional products to support its current user base.
The U.S. is a coveted market for many, but accessing it can be complex. Recognizing these challenges, Peter D. Spradling and Jacob Shoihet founded Marco in 2020 to help Latin American SMEs export their goods to the U.S. The company recently secured $12 million in Series A funding led by IDC Ventures, with participation from local investors and organizations such as Miami Angels and the IDB Lab. Marco plans to use these funds to enhance its offerings, including launching a US global accounts product to assist customers with setting up U.S. bank accounts. CEO Shoihet emphasized the company’s focus on providing a comprehensive suite of financial solutions, beyond just credit, to address the needs of its customers. Marco aims to bridge the technology gap in the LatAm market by offering tools for compliance, bookkeeping, and banking that are not as widely used in the region as in the U.S. The company has already facilitated over $540 million in funded volume and has ambitious plans for future expansion, including potential marketplace and logistics solutions, as well as a forthcoming strategic partnership with a credit card network. With a growing team split between Miami and Latin America, Marco is set on making a lasting impact in the region’s SME export industry.
