CAN Capital has raised $33 million in a funding round led by Meritech Capital Partners and Accel Partners. QED Investors and Ribbit also participated in the round, according to TechCrunch.
CAN Capital is a company that provides small enterprises with access to credit and working capital. The firm constitutes the biggest, non-bank alternative capital provider to small and medium sized businesses (SMBs) in Latin America and the US. To date, the company has provided access to around $3.6 billion worth of capital to SMBs, the report detailed.
The New York-based capital provider has doubled its revenue over the past four years. In the next two years, the firm is set to double its revenue again, the report stated.
According to Accel Partner board member Kevin Efrusy, CAN Capital is already profitable and does not need the fundraising. The round was about venture capitalists wanting to invest in a fast-growing company that could potentially launch an initial public offering (IPO), TechCrunch reported.
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