· As an authorized lender for CARGOES Finance by DP World, Marco's tech-enabled trade finance platform completed funding for its first two clients.
MIAMI- Marco Financial announced factoring facilities for its first two clients from the United Arab Emirates: Next Electronics FZE, a consumer goods seller, and Perfumagic Perfumes, a cosmetic products seller.
The deals provide working capital that will allow the companies to expand their operations and reach. They come as a result of a partnership between Marco and CARGOES Finance By DP World, a platform that enables rapid and seamless access to working capital for emerging-market SMEs.
The two companies needed factoring to continue their growth as they distribute their products throughout the United Kingdom and Dubai. As an approved lender for CARGOES Finance by DP World, Marco provided the capital that the two companies required to finance their expansion and grow their product portfolios.
"Our partnership with DP World has had a great start and these two signings are perfect fits. We hope this relationship continues to grow, and we can keep supporting more SMEs in need of the working capital they typically cannot access", said Jacob Shoihet, CEO & Co-founder of Marco.
"This is a very positive start for our partnership with Marco. Next Electronics and Perfumagic are just the first of many SMEs we will help, continuing with our journey to bridge the global trade finance gap," said Sinan Ozcan, Senior Executive Officer, DP World Financial Services Limited.
"With a strong presence in the US and Latin America, Marco enhances our coverage to geographies with a considerable, but underserved SME base. Access to credit has been a key challenge that remains unsolved," Ozcan added.
"We were looking for alternative and faster sources of financing. We found Marco through their partnership with CARGOES Finance and are very satisfied with their service so far, especially with how they could provide a suitable solution for a fast-growing company like us.", said Rick Bhojwani, owner of Perfumagic.
Perfumagic is already extending the factoring facility by 60% just a few weeks after the initial funding was agreed. The additional capital will allow the company to take its expansion even further.
"We were impressed with the Marco team's experience and understanding of our business. Their attentiveness and cooperation concerning legal issues and documents were key to a successful transaction. We are excited about this relationship that will allow us to keep growing our product portfolio," added Mohammad Shoaib, owner of Next Electronics.
About CARGOES Finance By DP World
In a continuously moving world with a growing population, the need for smarter trade is more important than ever before. DP World created our digital service CARGOES based on over 40 years of experience in logistics to solve challenges in the supply chain that create inefficiency and slow down trade. CARGOES provides solutions that support shippers with tracking to ports around the world. It also helps nations manage their operations or regulatory logistics needs.
About DP World
DP World is the leading provider of worldwide smart end-to-end supply chain logistics, enabling the flow of trade across the globe. Their comprehensive range of products and services covers every link of the integrated supply chain – from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions. DP World delivers these services through an interconnected global network of 190 business units in 68 countries across six continents, with a significant presence both in high-growth and mature markets.
Marco is revolutionizing global trade by providing reliable, working capital for Latin American SMEs. Marco addresses the $350 billion financing gap in Latin America by developing an innovative and proprietary risk model that processes data in real-time to dynamically assess risk and mitigate capital loss. Marco currently offers financing products such as factoring on its platform, using financing as a wedge to provide an ecosystem and product suite for previously underserved and unbanked SMEs exporters to continue operations and invest in growth. Founded in 2019 by Peter D. Spradling and Jacob Shoihet, Marco is headquartered in Miami, FL with offices in New York and across Latin America. Marco is backed by Antler, Struck Capital, Village Global, Flexport Capital, Florida Funders, among other investors and its credit facility is underwritten by Arcadia Funds, LLC. For more information on how Marco can help power your exports with working capital, please visit www.marcofi.com. Or you can follow us on Linkedin to learn more about us.