Middesk, a software company dedicated to automated business verification and underwriting decisions, has raised $57m in Series B funding.
The round was co-led by Insight Partners and Canapi Ventures, with additional investments from existing investors Sequoia and Accel, as well as Gaingels.
Middesk said that new business are at a disadvantage and struggling to access important products like bank accounts, capital, and credit. The company said within the current climate, 50% of new businesses will fail in the first five years.
With its identity as-a-service APIs however, Middesk is looking to change that by making it easier for businesses to verify and underwrite other businesses.
With this investment, Middesk belives that it can accelerate trust between businesses and encourage more companies to work together by giving them access to the products and services they need to grow and thrive.
The company added the funding will be invested in new and existing products, providing the tools and data needed by banks, insurers, credit card companies, lenders, and payroll companies.
Another company looking to support small and new businesses is Archa. The company, which recently raised $25m, is building a corporate card and spend management platform to help businesses.
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