Capital Access Network

CAN Capital
Private
Industry Financial technology
Founded 1998
Founder Barbara Johnson
Headquarters 414 West 14th Street, 3rd Floor, New York City, New York, United States
Area served
 United States
Key people
 Dan DeMeo (CEO)
Aman Verjee (CFO)
James Mendelsohn (CMO)
Services Loan financing

CAN Capital, formerly Capital Access Network, constitutes the largest, non-bank alternative capital provider to small businesses in the United States,[1] and is parent company of AdvanceMe[2] and NewLogic Business Loans.[3] It is based in New York, New York, United States,[4] and has offices in Atlanta, Georgia, Salt Lake City, Utah, and Costa Rica. CAN Capital’s Daily Remittance Platform[5] allows lenders to small and medium-size businesses to access the daily cash flows of borrowers, and collect daily remittances from them.[6] The platform gives lenders a window into their customers daily business, and relies on payment processors to split the settlement of card transactions between the small business and its bank. In February 2012, Accel Partners invested $30 million in CAN Capital to help the company aggressively target online businesses as well as expand its business overseas through working with partner organizations.[7]

Competitors include Wonga.com, Kabbage, OnDeck, as well as giants like Amazon.com that are looking to expand into lending.[8]

References

  1. ↑ "Capital Access Network Raises $30M From Accel To Loan Small Businesses Working Capital". TechCrunch (TechCrunch). 2012. "News: section. Retrieved February 7, 2012.
  2. ↑ Angus Loten (2011). "The Lure of Cash Advances". Wall Street Journal (Wall Street Journal). "Financing” Section. Retrieved August 18, 2011.
  3. ↑ Nathan Eddy (2010). "NewLogic Business Loans Offers Mini-Payment Financing". eWeek (eWeek). "Midmarket News” Section. Retrieved November 16, 2010.
  4. ↑ "Capital Access Network: Private Company Information". Businessweek (Bloomberg LP). 2010. "Research > Stocks > Private" section. Retrieved February 10, 2012.
  5. ↑ "Capital Access Network, Daily Remittance Platform". FinovateEurope (FinovateEurope). 2011. "2011 Video Archives” section. Retrieved February 1, 2011.
  6. ↑ Heather Landy (2011). "Gauging Risk, In 24-Hour Increments". American Banker (Bank Technology News). "Risk Management” Section. Retrieved September 1, 2011.
  7. ↑ Sarah McBride (2012). "Fast Cash: Accel invests $30 million in Capital Access Network". Reuters (Reuters). "Media File” Section. Retrieved February 7, 2012.
  8. ↑ Empson, Rip (May 1, 2013). "On Deck Adds $17M From Google Ventures And Peter Thiel To Help Small Businesses Connect With Capital". TechCrunch.