Press Release September 5, 2018
Company Surpasses $7 Billion Funding Milestone
Atlanta, GA (September 5, 2018) – CAN Capital, Inc., a technology-driven small business specialty finance company, today announced that it has agreed to a financing transaction of up to $287 million to enhance its capital capacity with Varadero Capital, L.P., 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.
In addition, CAN Capital announced it has now provided small businesses with access to over $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 over 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.”
“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,” said Fernando Guerrero, Managing Partner and Chief Investment Officer, Varadero Capital. “We look forward to working with the CAN team on the next chapter of its business expansion and to helping the company serve more small business customers with tech-savvy, frictionless funding solutions.”
Since 1998, CAN Capital has specialized in small business solutions that provide secure, fast access for business owners to funding often not available from traditional financial institutions, to balance cash flow and invest in their businesses. The company uses over two decades of data to evaluate a business’ financial health and highlight potential areas for future growth.
About CAN Capital
CAN Capital, Inc., established in 1998, is the pioneer in alternative small business finance, having provided access to over $7 billion in capital for over 81,000 small businesses in a wide range of locations and different business types. As a technology-powered financial services provider, CAN Capital uses innovative and proprietary risk models combined with daily performance data to evaluate business performance and facilitate access to capital for entrepreneurs in a fast and efficient way.
CAN Capital, Inc. makes capital available to businesses through business loans made by WebBank, member FDIC, and through Merchant Cash Advances made by CAN Capital’s subsidiary CAN Capital Merchant Services, Inc. ©2018 CAN Capital. All rights reserved.
About Varadero Capital
Varadero Capital, L.P., founded in 2009, is a value-driven alternative asset manager focusing on investments across the specialized credit markets. The firm is based in New York and currently manages approximately $2 billion in capital. In the past five years, Varadero has allocated over $1 billion in capital toward specialty finance platforms in various sectors including consumer and small business lending, auto loans and commercial real estate.