Clearco secures $60m in Series D funding to empower ecommerce growth
By Delisha Fernandes
Toronto-based FinTech company Clearco has raised $60 million in a Series D funding round, to recapitalise its business.
The funding round was led by longtime Clearco investors Inovia Capital and Founders Circle Capital. Alongside the fundraise, The company announced the closing of a new committed asset-backed facility from Pollen Street Capital. The new financing facility is expected to provide up to $100 million in financing capacity, supporting $850 million of Clearco originations over the next two years.
“We are thrilled to announce this new round of funding and the launch of a new asset-backed facility as part of a broad recapitalization, which substantially delevers the company and creates a new and improved Clearco,” said Andrew Curtis, CEO of Clearco. “All of these actions allow us to continue to support the growth of e-commerce businesses during a time of funding challenges for many companies.”
In the last 12 months, Clearco has pivoted its product to focus on a streamlined capital solution, Invoice Funding, with predictable payment amounts and terms that are easy and hassle-free. Clearco uses AI and proprietary machine learning-based technology to underwrite businesses and help customers fund inventory and marketing invoices. The company has funded over 10,000 e-commerce businesses to date, advancing over $2.5 billion to help facilitate growth.
“We are excited to reinvest in Clearco not only because of the company’s success in revolutionizing the way small businesses access capital but also because of the significant transformation the company has made in the last 12+ months. The company has retooled and re-established itself as a valuable partner for e-commerce businesses,” said Karamdeep Nijjar, Partner at Inovia Capital.
Clearco customers can access between $10,000 and $2 million in Invoice Funding with predictable payment amounts over periods typically ranging from 4-6 months and no hidden fees. The company’s Invoice Funding product provides a stable source of working capital for companies looking to scale their operations and unlock cash flow, helping those merchants to grow in a market where lenders continue to retract from providing capital.
IBSi Daily News Analysis
November 28, 2023
A $4 trillion Islamic banking market to be driven by FinTech, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage