Clearco, a Toronto, Canada-based fintech company providing a business-friendly capital for e-commerce companies, raised $60M in Series D funding.
The round was led by Inovia Capital and Founders Circle Capital. Alongside the fundraise, Clearco announced the closing of a new committed asset-backed facility from Pollen Street Capital, will be used to fund revenue-based advances to e-commerce businesses that have been approved for funding through Clearco’s AI-backed underwriting model.
The company intends to use the funds to recapitalize its business and solidify its position as a provider of growth capital to e-commerce businesses.
Led by CEO Andrew Curtis, Clearco provides business-friendly capital for e-commerce companies to grow their businessesm without equity dilution, hidden fees, or compounding cost of capital.
In the last 12 months, the company has pivoted its product to focus on a streamlined capital solution, Invoice Funding, with predictable payment amounts and terms that are easy and hassle-free. Clearco uses AI and proprietary machine learning-based technology to underwrite businesses and help customers fund inventory and marketing invoices. The company has funded over 10,000 e-commerce businesses to date, advancing over $2.5B to help facilitate growth.
Clearco customers can access between $10,000 and $2M in Invoice Funding with predictable payment amounts over periods typically ranging from 4-6 months and no hidden fees. The Invoice Funding product provides a stable source of working capital for companies looking to scale their operations and unlock cash flow.
The company has funded over 10,000 e-commerce businesses to date, advancing over $2.5B to help facilitate growth.
FinSMEs
04/10/2023