Spanish Fintech Twinco raises €2.5m to make our products more ethical
Summary
Impact-driven fintech Twinco has raised €2.5m to expand its supply-chain financing business in another sign of the willingness of venture capital funds to back startups with a “tech for good” angle. Twinco offers affordable loans to factories when they receive a purchase order, so they can buy raw materials and pay wages before their invoices are actually paid by customers. Cofounder Sandra Nolasco says that getting paid later “reduces your capacity to invest in production systems that are more socially responsible,” pointing out that factories in Bangladesh receiving Twinco loans have launched initiatives like providing kindergarten for workers’ children, and free sanitary products. Nolasco says the Series A round, led by Finch Capital, will enable the company to scale its team as it prepares its second finance programme. The female cofounder duo Nolasco and Carmen Marin say they are proud to be bringing greater gender representation to the world of southern European fintech, with more than 35 years of experience in banking between them.