CAN Capital, a small business financing enterprise, has collected $287m in a credit facility from Varadero Capital.
This financing, which is the second to be supplied by Varadero, will be used to support CAN Capital’s growth and make additional investments into talent hiring and technology development. Capital will also be put towards enhancing its customer experience and increase its capital capacity.
Alongside the new debt financing, the company revealed it has deployed more than $7bn of working capital through 190,000 transactions. Over the past 13 months, the company has provided more than $280m in short-term loans.
US-based CAN Capital provides small businesses which are missed by traditional financial institutions with access to working capital loans to support their growth. Loans can be taken out from between $2,500 and $250,000 on repayment terms between 6 and 18 months.
Since the company was founded in 1998 it has helped more than 81,000 business owners open in new locations, purchase new equipment, and hire more staff, among other investments.
Varadero Capital managing partner and CIO Fernando Guerrero said, “Since our initial facility, we’ve been impressed by the work ethic and dedication of CAN Capital’s staff, which have driven consecutive quarters of business growth and boosted confidence in the company’s fundamentals.”
Last week, fellow SME lending platform PRIS Capital received a $10m credit facility to support its accelerated growth. The loan provider was not named but are an ‘institution specializing in providing working capital to high growth companies.’
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