Finkargo, a financial technology startup founded by Colombians Tomás Shuk, Santiago Molina, and Andrés Ferrer, has completed a Series A investment round of USD$20 million.
This funding was led by QED Investors and involved participation from Nazca, as well as previous investors, including Quona, Flybridge, Maya, and ONEVC.
Santiago Molina, a co-founder and CEO of Finkargo, notes that disruption in international trade is just beginning, given its size and complexity.
“We started with the elephant in the room: international financing. As we continue to tackle this giant, we’ve identified fragmented processes in our clients’ operations that can be resolved through integrated systems.”
“While the ecosystem works hard to optimize the flow of goods, Finkargo is simplifying the flow of money and data in international trade,” says Molina, CEO of the fintech startup.
Since its inception in 2021, the company has secured over USD$27 million from investors and accessed USD$75 million in debt.
Finkargo’s platform offers custom reports that analyze a large amount of data related to international trade to standardize information among various ecosystem actors, from importers and freight agents to suppliers and tech companies.
Finkargo plans to use these funds to strengthen its growth in Mexico and expand its range of services beyond international financing.
“While the global international financing market amounts to USD$5.2 trillion, there is still a financing gap of USD$1.7 trillion.
“SMEs in Colombia and Mexico import over USD$30,000 million in volume from Asia each year but face challenges in accessing capital to manage the 60 to 120-day period from purchase to the arrival of goods,” explains Camila Key Saruhashi, Principal at QED Investors.
Their new offering will include an integrated suite of business services for importers, covering supplier search or verification, product, cargo insurance, currency management, and intelligence data analysis in international trade.
“We are excited to join Finkargo’s vision and work closely with their strong team. The technology they have developed is driving an unprecedented change in the dynamics of international trade in the region.
“We share the purpose of building towards a more efficient and connected future that allows more companies to access the entire trade ecosystem that Finkargo envisions,” reveals Jaime Zunzunegui, Managing Partner at Nazca.
The company has served 250 clients in global trade and facilitated over 2,000 import operations, with a total value of USD$200 million.
Additionally, they connect importers with a network of over 550 suppliers in approximately 40 countries.