Alternative small business finance platform CAN Capital today announced that it has reached the milestone of providing small businesses with access to more than $6 billion of working capital.
Founded in 1999, the direct lender has been helping small and medium-sized businesses access capital through business loans made by WebBank, a Utah chartered Industrial Bank. To date, it claims to have contributed to the growth of over 170,000 small businesses in many industries, such as restaurants and healthcare.
Daniel DeMeo, Chief Executive Officer, CAN Capital, offered comment:
“To reach the $6 billion milestone is a huge accomplishment for CAN Capital, highlighting our experience and our dedication to helping small businesses succeed,”
One of the major drivers of the company’s growth is its proprietary technology. CAN tells us that the CAN Capital’s Daily Remittance Platform™ and its proprietary risk models provide the company with invaluable information about the strengths, risks and day-to-day operations of US small businesses.
“Eight years after the financial crisis, many small businesses still have trouble accessing working capital. We are committed to using technology to offer a variety of fast, efficient financial solutions for the full spectrum of small businesses, including those that are too small to get capital from other types of financial organizations, and those for whom a traditional bank product doesn’t fit.
This news follows on from the platform's partnership with iPayment – an US provider of payment solutions and processing services – last December. The agreement allowed CAN Capital access to over 150,000 small businesses currently working with iPayment giving those businesses the opportunity to access flexible financial solutions including products such as working capital for as little as three business days.
The Can Capital’s boss concluded:
“Small businesses are the engine of America’s economy and we are proud to support their growth.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.