Ribbit Capital and QED Investors also participated in the round,l which CAN said will help it to expand and accelerate the growth of its small business finance offerings.
CAN uses its platform and risk scoring models to assess and provide capital to small businesses based in the US and Latin America.
The company’s revenues have doubled in the past four years and is expected to double again in the next two years.
Meritech managing director Mike Gordon said, “CAN Capital’s unique risk model and its highly-effective underwriting engine have allowed the company to serve small business owners that have difficulty working with traditional capital sources.
“These capabilities have allowed the company to grow exponentially and we see it as a key player in the small business finance industry that is well-positioned for future growth.”
Other companies backed by Meritech include computer security business Bromium, which raised a $40m round in October.
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