Fintech startup SellersFunding lands $100 million in fresh funding to provide working capital for eCommerce sellers
SellersFunding, a New York-based fintech startup that provides an alternative working capital solution for e-commerce marketplace sellers, announced today it has closed on a $100 million global eCommerce funding program with European alternative asset manager Fasanara Capital.
The multi-currency deal will allow for up to $100 million in funding across USD, GBP, EUR, and CAN currencies to enhance SellersFunding’s liquidity, as the U.S.-headquartered company continues to expand its services in North America, the United Kingdom, Canada, and Continental Europe.
Founded in 2017 by Alessandro Rodrigues Novaes, Fabio D. Knijnik, and Ricardo Pero, SellersFunding is a developer of a financial platform designed to provide fully automated funding focused solely on online marketplace sellers. The company’s platform provides working capital for online businesses as well as uses a machine-learning model to analyze data generated through business activities of online sellers, enabling sellers to gain access to growth capital.
“This program allows us to keep up with the surge in global demand for working capital that has resulted from the eCommerce boom we are experiencing,” said Ricardo Pero, CEO of SellersFunding. “It enables us to offer quick and flexible financing solutions for the millions of eCommerce businesses looking to grow quickly.”
SellersFunding has reported unprecedented growth in demand, with a massive 404 percent increase in its user base in 2020 alone. SMB users of their integrated platform, which includes access to working capital, daily advances, cross-border payments, and business analytics, show an 84 percent growth rate year-over-year.
SellersFunding recently announced a global expansion of its integrated financial services platform into the EU, UK, and Canada.
“We are glad to continue to support SellersFunding in their ambitious growth plans, backing their needs with flexible capital at scale,” said Francesco Filia, CEO at Fasanara Capital. “It is a real-economy impact funding solution, helping small and mid-size enterprises at a crucial point in the credit cycle, given that commercial banks tend to focus on the largest corporations.”