To date CAN Capital has provided access to $3.6 billion in capital to small and medium-sized businesses (SMB), representing roughly 123,000 distinct small business finance transactions. They use their own real-time platform and risk scoring models to assess and facilitate the provision of capital to SMBs in the US and Latin America
This round of funding was co-led by Meritech Capital Partners and Accel Partners. Accel Partners were an existing investor in CAN Capital. The funding round also saw reinvestment from Ribbit Capital and QED Investors.
Daniel DeMeo, chief executive of CAN Capital said: “Ensuring that small businesses continue to get access to capital remains a mainstream issue and a core focus for CAN Capital, especially as these businesses are among key drivers of economic growth.
“We’re committed to helping these businesses grow, and while we are well capitalised, this round of funding allows us to further enhance our product offerings to continue meeting our customers’ needs. We are grateful to our investors and excited about cultivating our new Meritech relationship, as well as our ongoing collaboration with Accel, QED and Ribbit.”
CAN Capital will use the funds to expand and accelerate the growth of its small business finance offerings.
“CAN Capital was probably the best-kept secret in the emerging financial innovation boom. The company created the alternative SMB finance space and is growing rapidly,” said Kevin Efrusy, general partner at Accel and existing member of CAN Capital’s board of directors.
Over the past four years, CAN Capital has doubled its revenue and claim to be on pace to double again in the next two years.