Fintech small business lender CAN Capital enhanced its capital capacity with a $287 million credit facility from Varadero Capital, a New York-based alternative asset manager.
This is the second facility provided by Varadero to CAN Capital, which will use the funds to support its continued growth, make additional investments in talent and technology and enhance customer experience.
CAN Capital has now provided small businesses with access to more than $7 billion of working capital through more than 190,000 funding transactions. This includes more than $280 million over the past 13 months, as part of a long-term, strategic approach to continue to expand access to capital for small businesses.
Since its founding in 1998, CAN Capital has helped more than 81,000 small business owners open new locations, invest in new equipment and hire employees, among other investments, while serving hundreds of industries, including restaurants, medical offices and auto repair shops.
“We look forward to utilizing this funding to expand our ability to provide access to capital for small businesses, enhance our technology stack and continue to build a dedicated, customer-driven team,” said Parris Sanz, CEO of CAN Capital. “Reaching $7 billion in working capital is a significant milestone for us. We are excited to use our deep experience and data to enable even more small business owners to grow with streamlined access to capital.”
