Ritmo to Contribute to Mexico’s Financial DevelopmentBy Sofía Hanna | Thu, 07/29/2021 - 18:29
Ritmo, a Spanish fintech that aims to provide entrepreneurs and companies the tools and capital necessary to grow, landed in Mexico. This will be Ritmo’s first destination in Latin America and its objective is to finance more than US$100 million in the region. Ritmo began this new mission in alliance with Latin Leap, a VC studio specialized in soft-landing new business models to emerging markets.
“With the launch of Ritmo in Mexico, our objective is to democratize access to finance and contribute to the development of the growth of electronic commerce in the region by offering the fastest way, flexible and intelligent to obtain capital to grow your business,” said Raimundo Burguera, Co-CEO and Co-Founder of Ritmo. As reported in the official Latin Leap release, Ritmo’s objective in Mexico is to finance more than US$20 million to Mexican e-commerce and sellers during its first year of operation. Achieving this requires a quick understanding of the local market to guarantee a solid deployment.
“We want to be the engine to change the capital industry and empower thousands of entrepreneurs with access to a suite of capital and insights to boost their businesses. To carry out this vision, the trust of our partners, investors and allies such as Latin Leap are key to our future plans in the region,” said Burguerra. Part of what Ritmo plans to address is the seasonality of electronic commerce, which is marked by dates such as Hotsale or Black Friday. The company also plans to address the seasonality of products and the market in which it operates, as it demands capital for those spikes in sales to buy more inventory and invest more in digital marketing and growth.
Latin Leap, a VC Studio that serves as an investment platform for technology companies with specific objectives in Latin America, is accompanying Ritmo through the entire process. Stefan Krautwald, Managing Partner of Latin Leap, comments that “the scheme managed adjusts very well to the scenario of constant growth that Latin America is experiencing today in terms of electronic commerce, not only in the volume of purchases and post-pandemic transactions but also in the boom of this vertical to undertake.”
Business Between Mexico and Spain
Mexico and Spain have always maintained close economic relations that have been strengthened in recent years through initiatives that allow their markets to participate with each other. Spain is Mexico’s main European trading partner. Trade between the two nations is equivalent to about €$10 billion (US$11.8 billion) a year and has an average growth of 15-20 percent annually, according to data presented at Casa de México en España.