CAN Capital, a New York-based provider of alternative financing for small businesses, raised $33m in Series C funding.
The round was led by Meritech Capital Partners, with participation from existing investor Accel Partners, Ribbit Capital and QED Investors. In conjunction with the funding, Mike Gordon, managing director at Meritech, joined CAN Capital’s board.
The company intends to use the funds to expand and accelerate the growth of its offerings.
Led by Daniel DeMeo, Chief Executive Officer, CAN Capital uses its own real-time platform and risk scoring models to assess and facilitate the provision of capital to SMBs in the U.S. and Latin America. It makes capital available through its subsidiaries: Merchant Cash Advances by CAN Capital Merchant Services, Inc., and business loans through CAN Capital Asset Servicing, Inc. (CCAS). All business loans obtained through CCAS are made by WebBank, a Utah-chartered Industrial Bank, member FDIC.
To date, the company has provided access to $3.6 billion in capital, representing roughly 123,000 distinct small business finance transactions.
CAN has 500 employees and plans to continue hiring (have a look at the career section of their site here).