CAN Capital Receives $287 Million Financing Facility

Small business lending solution company CAN Capital has accepted a $287 million financing facility from alternative asset manager Varadero Capital. This marks the second time Varadero Capital has facilitated funds for the New York-based company.

CAN Capital plans to use the funds to support growth, invest in talent and technology, and enhance the customer experience. “We look forward to utilizing this funding to expand our ability to provide access to capital for small businesses, enhance our technology stack, and continue to build a dedicated, customer-driven team,” said Parris Sanz, CEO of CAN Capital.

Additionally, the company reached a milestone this week, having provided small businesses access to more than $7 billion in funding through 190,000+ transactions. “Reaching $7 billion in working capital is a significant milestone for us. We are excited to use our deep experience and data to enable even more small business owners to grow with streamlined access to capital,” Sanz added.

Founded in 1998, CAN Capital has helped 81,000 small businesses ranging from restaurants to auto repair shops by offering capital for them to open new locations, purchase equipment, hire employees, and more. The company last demoed at FinovateFall 2013, where it showed off its mobile funding solution. Earlier this year, CAN Capital appointed Tom Davidson as Chief Financial Officer.

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CAN Capital’s CAN Connect APIs Now Offer iPayment Merchants Access to Funds

CANCAPhomepage

On the heels of OnDeck’s announcement last week that it is partnering with JPMorgan Chase to offer small-business loans, CAN Capital announced today its partnership with iPayment, provider of payment solutions and processing services. As part of the partnership, CAN Capital will offer iPayment’s 150,000 merchant customers access to working capital.

Without ever leaving the iPayment platform, merchants can apply for $2,500 to $150,000 in funds to grow their business.

The integration is made possible through CAN Capital’s CAN Connect platform, a suite of APIs that leverages iPayment’s existing merchant data to simplify the application process and prequalify them for financing.

Since launching in 1998, CAN Capital has furnished small businesses with $5.5 billion in working capital. The company last demoed at FinovateFall 2013 where it debuted Mobile Funder, a tool for sales reps to remotely prequalify businesses and submit applications for a variety of finance products.