CAN seeks to use the investment to further company growth and create a new category of small business finance.
Capital Access Network CEO, Glenn Goldman states:
“While we had no need for capital, the Accel relationship came along in the midst of our total reengineering of our online merchant experience which by April 2012 will feature new user interfaces, merchant portals and online approvals. Working with Accel will turbocharge those efforts,”
In addition to this announcement, it also disclosed that Kevin Efrusy, an Accel partner, will join Capital Access Network’s board of directors.