- Dutch-Spanish fintech Twinco Capital has closed €165M in combined funding, a €15M Series B led by FMO and a landmark €150M securitisation facility led by Banco Santander.
- The Santander-backed securitisation is the first of its kind globally: institutional capital structured around purchase order finance, a financing stage the industry had long considered too early and too operationally complex to securitise.
- Twinco has processed over $1B in transactions since 2019 with zero losses, the track record that made the securitisation possible.
Trade finance has spent two decades digitising the invoice. Twinco Capital decided to go further upstream, to the moment a purchase order is issued, before a single item is made. That bet just attracted €165 million and the backing of Banco Santander, one of the largest banks in the world.
Sandra Nolasco, co-founder and CEO, and Carmen Marin, co-founder and COO, founded Twinco Capital in 2016. The company is dual-headquartered in Amsterdam and Madrid and employs 44 people. It is co-founded and led entirely by women – a rare configuration at the institutional deal-making level of trade finance.
What Twinco does
When a retailer issues a purchase order to a supplier in Bangladesh or Vietnam, that supplier typically waits months for payment – first to manufacture the goods, then ship them, then wait for invoice settlement. Traditional supply chain finance only kicks in at the invoice stage. Twinco enters at the purchase order itself, advancing up to 60% of the order value upfront and the remainder on delivery. It uses proprietary risk intelligence and real-time operational data to underwrite supplier performance risk in emerging markets assessing whether a supplier will deliver, not just whether an invoice is legitimate.
Since launch, Twinco has financed over $1B across thousands of transactions, with zero credit losses. Its clients include Mango and Vertbaudet in Europe, Lojas Renner in Brazil, and Centric Brands in the US.
The round
The €165M total comprises two distinct transactions. The €15M Series B equity round was led by Peter Bryde, Director Private Equity at FMO, the Dutch entrepreneurial development bank with a committed portfolio of nearly €15 billion across 85+ countries with participation from new strategic investor Bankinter. Returning investors Quona Capital and Working Capital Fund also participated. The Series B brings Twinco’s total equity raised to approximately $73M.
The more significant transaction is the €150M securitisation facility led by Banco Santander, the first securitisation fund in the world dedicated exclusively to purchase order finance. Where invoice securitisation is commonplace in trade finance, PO finance has never been packaged into an institutional asset class at this scale. Santander’s involvement signals that the risk model is now bankable. TFN previously covered how Santander backs Mouro Capital’s $400M fintech fund, this deal represents another dimension of the bank’s deepening fintech infrastructure bets.
“This transaction represents an important evolution for the industry: bringing institutional capital into purchase order finance at scale for the first time through a securitisation structure,” said Enrique Rico, Global Head of Trade & Working Capital Solutions at Banco Santander.
Nolasco put it directly: “The closing of the first purchase order securitisation fund proves that this risk can not only be managed, it can be institutionalised and scaled.”
The investors
FMO, the lead equity investor, is a Dutch development bank with a mandate to back businesses delivering both commercial returns and emerging market impact. Quona Capital, a Washington DC-based fintech VC with unicorns Neon, Konfío and Facily in its portfolio, is a returning shareholder alongside Working Capital Fund, TFN previously covered Quona’s investment in Twinco’s 2023 $12M round. Bankinter joins as a new strategic investor.
The competitive context
The supply chain finance space has been defined in recent years by both ambition and failure. Greensill Capital, which raised $1.7B before collapsing in March 2021, and Stenn, valued at $900M before entering administration in December 2024 after HSBC alleged suspicious transactions, are cautionary markers for the sector. Demica, a cloud-based supply chain finance platform, was acquired by FIS in December 2024 for $300M. Taulia, backed by SAP, operates at the invoice and dynamic discounting layer. None has built a securitisable PO finance product. Twinco’s zero-loss track record across $1B in transactions is the single fact that distinguishes it from its predecessors.
The market
According to Allied Market Research, the global purchase order financing market was valued at $5.5 billion in 2023 and is projected to reach $12.9 billion by 2033, growing at a CAGR of 8.7%. The broader supply chain finance market stood at $7.04 billion in 2024 and is expected to reach $11.52 billion by 2030.
The €150M securitisation facility does not just fund Twinco’s next phase, it attempts to define a new asset class. Whether institutional capital follows Santander into purchase order finance at scale may be the more consequential question than any single funding round.
