Home FinTech Clearbanc rebrands itself to Clearco, bags US$ 350M in funding

Clearbanc rebrands itself to Clearco, bags US$ 350M in funding

Clearbanc rebrands itself to Clearco, bags US$ 350M in funding
Clearbanc rebrands itself to Clearco, bags US$ 350M in funding

Toronto-based financial services startup Clearbanc has secured US$ 100M in equity financing and US$ 250M in debt financing. The funding round, which the startup has termed as a Series C funding round, was led by Oak HC/FT. Other funding round participants include Founders Circle, eInvestors, Highland Capital Partners, Inovia, Emergence Capital, Stripe, Square, Affirm, Adyen, Robinhood, Betterment, Airbnb, Hubspot, AirWallex and Apple. The US$ 100M in debt financing came from speciality finance company Credigy, a subsidiary of National Bank.

The Series C round also makes the startup Canada’s newest unicorn, with a reported valuation of nearly US$2 billion. The startup has also re-branded itself to Clearco.

Clearco co-founder and CEO Andrew D’Souza was quoted to have said, “We started to realize that the capital and funding is one part of a relationship that we can have, but we can actually think about this as a much bigger, much bigger platform.”

With its latest capital raise, Clearco is focused on expanding that global presence this year to a number of regions in Europe and “a couple of key markets” in Asia.

About the startup


Clearco was launched in 2015. Since its inception, the startup has provided US$2 billion in capital to over 4,000 companies. Clearco provides growth capital in the form of revenue share agreements in which the recipient pays back an already-agreed percentage of their revenue until the principal plus a flat fee is fully repaid. It initially focused on B2C e-commerce businesses, but over the past year has expanded into new domains and products to support the broader entrepreneurial journey. Clearco’s products now include a valuation tool, ClearAngel, which provides companies at the earliest stages revenue-share funding and support; an inventory program, whereby Clearco buys inventory directly from suppliers; and a Venture Partner Network, which launched in 2019. The startup recruited approximately 100 employees last year, bringing its team to around 300. It plans to increase the number of its members by two times as part of its global expansion over the next year. Clearco currently has operations in the United Kingdom and the United States, with a small presence in Canada as well.

The CEO remarked that they’ve realized there’s a huge need for what Clearco is providing. He stated that there’s a need for their products globally as economies are restarting around the world and this gives them the opportunity to create a much deeper relationship with the founder that they’re backing; beyond just capital, they can actually invest in data products and actually help make better decisions.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.



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