Small businesses across Central America often wait weeks or months to get paid by their customers, which chokes off the cash they need to keep operating. Ábaco Technologies fixes that by buying up a business's unpaid invoices and paying out the cash value in less than 24 hours — no personal or real estate collateral required — so a supplier doesn't have to wait on a slow-paying customer to make payroll.
The Salvadoran fintech has put together a USD $53M capital structure combining a warehouse credit facility with a seed equity round. Accial Capital and Pomona Impact provided the warehouse facility, while the seed round drew participation from Promotora Social México, Nazca Ventures, Alaya Capital, Caricaco Ventures, and Innogen Capital. The company says it's the largest fintech capital raise in Central American history.
Ábaco plans to use the funding to originate more than USD $350M in loans over the next 24 months, serve over 10,000 SMEs, and expand from El Salvador into Guatemala and Costa Rica.
