The Hispano-Dutch fintech Twinco Capital has announced the successful closing of a financing round comprising a €15 million Series B equity round led by FMO (the Dutch entrepreneurial development bank), with participation from new strategic investor Bankinter alongside existing shareholders Quona Capital and Working Capital Fund; and a €150 million securitization fund led by Banco Santander dedicated to purchase order financing.
Twinco’s platform finances suppliers in the early stages of the production cycle, long before traditional invoice financing (factoring) or supply chain finance solutions become available. By combining technology, proprietary risk intelligence, and real-time operational data, Twinco is able to underwrite supplier execution risk in emerging markets at scale.
This financing round will significantly expand Twinco’s capacity to finance suppliers globally and will enable institutional investors to gain exposure to a low-risk, self-liquidating asset class with emerging market exposure.
Sandra Nolasco, Co-Founder and Chief Executive Officer (CEO) of Twinco Capital, stated: “Global supply chains depend on suppliers having access to liquidity long before goods are delivered and invoices are issued. Yet traditional supply chain finance still largely begins at the invoice stage. What Twinco offers is fundamentally different: a technology and risk platform capable of financing and managing execution risk from the moment a purchase order is issued. The closing of the first purchase order securitization fund demonstrates that this risk can not only be managed, but also institutionalized and scaled.”
She added: “For years, innovation in trade finance has focused primarily on the digitalization of invoice discounting. We wanted to go much further upstream in the production cycle, where the real financing gap exists. Financing purchase orders at scale requires a completely different risk infrastructure, data model, and operational capability. That is what Twinco has built.”
Since its launch, the company has financed more than $1 billion through thousands of transactions, with zero losses. Today, Twinco supports global supply chains across multiple industries and regions, working with international brands such as Centric Brands in the United States, Lojas Renner in Brazil, Mango in Spain, and Vertbaudet in France, among many others.
Carmen Marín, Co-Founder and Chief Operating Officer (COO), explained: “The €15 million Series B round will support Twinco’s international expansion, strengthen its global team, and fund continued investment in product and technology, particularly the integration of artificial intelligence into Twinco’s risk analytics and credit decision-making infrastructure. Since 2019, Twinco has validated its risk model by financing thousands of transactions with a total value exceeding $1 billion. It is now developing AI-powered automation layers on top of that model, scaling both its reach and depth.”
Enrique Rico, Global Head of Trade & Working Capital Solutions at Banco Santander, commented on the transaction: “Santander is a global leader in trade and working capital solutions, with a long track record of driving innovation across the trade finance ecosystem and structuring scalable financing solutions for international supply chains. This transaction represents an important evolution for the industry: bringing institutional capital into purchase order financing at scale for the first time through a securitization structure.”
Peter Bryde, Private Equity Director at FMO, added: “At FMO, we invest in companies that combine strong commercial potential with meaningful long-term impact. Twinco’s model improves access to working capital for manufacturers and suppliers worldwide, particularly in emerging markets where financing gaps continue to constrain growth and resilience. We believe Twinco is building critical financial infrastructure for a more inclusive and sustainable global trade system.”
Twinco’s business model and financing structure are particularly relevant in today’s geopolitical and macroeconomic environment, where supply chain resilience, supplier diversification, and access to liquidity for SMEs have become strategic priorities for both corporations and governments.
The legal and regulatory advisory work related to the securitization transaction involved Norton Rose Fulbright, Mayer Brown, finReg360, and Cuatrecasas.
About Twinco Capital
Twinco Capital is a European fintech company redesigning trade finance by financing suppliers from purchase order through final invoice payment. The company combines technology, capital, and proprietary risk intelligence to provide working capital solutions across global supply chains, particularly in areas where traditional financial institutions typically do not operate. Since its inception, Twinco has financed more than $1 billion globally through thousands of transactions across 25 countries, with zero losses.
Twinco is backed by leading venture capital and impact investors, including Finch Capital, Mundi Ventures, Quona Capital, Working Capital Fund, and most recently FMO and Bankinter.
About FMO
FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector drives economic and social development and has a proven track record of more than 55 years empowering entrepreneurs to make local economies more inclusive, productive, resilient, and sustainable.
FMO focuses on three sectors with high development impact: Agribusiness, Food & Forestry; Energy; and Financial Institutions. With a total committed portfolio of approximately €15 billion spanning more than 85 countries, FMO is one of the world’s largest bilateral private sector development banks.
About Banco Santander
Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain, and is one of the world’s largest banks by market capitalization. The Group’s activities are organized around five global businesses: Retail and Commercial Banking, Openbank, Corporate and Investment Banking (CIB), Wealth Management and Insurance, and Payments.
This operating model allows the bank to leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform for individuals, SMEs, companies, financial institutions, and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal, and fair way. In the first quarter of 2026, Banco Santander had €1.4 trillion in total funds, more than 176 million customers, 6,600 branches, and 185,000 employees.
About Bankinter
Bankinter is Spain’s fifth-largest bank by assets and a eurozone-listed bank recognized for its financial resilience by the European Banking Authority (EBA). The bank operates in Spain, Portugal, Ireland, and Luxembourg, with a diversified business footprint across European Union markets and business lines, particularly in Retail Banking and Corporate Banking.
Within the corporate segment, the bank stands out for its tailored financing solutions for businesses, including structuring and supply chain finance solutions.
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