CAN Capital has secured $33 million in funding from Meritech Capital Partners, Accel Partners, Ribbit Capital, and QED Investors.
This latest funding-round raises CAN Capital’s total to $63 million, which includes $30 million in funding raised by Accel Partners in 2012.
Almost one month ago to the day, Capital Access Network announced its rebranding as CAN Capital. Chief Marketing Officer James Mendelsohn said that the rebranding was an effort to better “resonate with small business owners” as well as speak to “potential lending partners, and employees.”
By that measure, today’s news is the first indication that the rebranding is already paying off. CAN Capital CEO Daniel DeMeo said that the funding will allow the company to “further enhance our product offerings to continue meeting our customers’ needs.”
CAN Capital provides working capital to SMEs. The company uses its proprietary risk models and data from daily business performance to provide funds from $2,500 to $250,000.
A few additional metrics for CAN Capital which:
- has provided SMBs with access to $3.6 billion in capital
- operates a $460 million line of credit
- has supported more than 120,000 small business financial transactions
- serves businesses in more than 650 industries
- has enabled 75% of CAN Capital customers to renew funding
- grew revenues by 49% from 2009 though 2012
- grew its employee base by 30% over last three years
CAN Capital competes in the small business capital-access space with companies like Kabbage, Lending Club, On Deck Capital and, most recently, PayPal. All are Finovate alumni. CAN Capital was among a number of alternative lenders featured in a front-page article in The Wall Street Journal this week.
CAN Capital demoed its Mobile Funding tablet technology for financial sales reps at FinovateFall in 2013. See the company’s presentation here.