Global fintech and funding innovation ecosystem

August 18, 2026

Clearco

NCFA Company Intelligence Snapshot

Clearco

Non-dilutive revenue-based funding for U.S. DTC ecommerce brands

Last updated Aug 18, 2026

SME Finance And Business Banking Banking And Credit

Company At A Glance

Founded 2015 as Clearbanc by Andrew D'Souza and Michele Romanow

Legal Entity Clear Finance Technology Corporation

Headquarters Toronto, Canada

Leadership Andrew Curtis, Chief Executive Officer

Business Model Non-dilutive revenue-based funding for ecommerce businesses

Core Products Fixed Funding Capacity, Rolling Funding Capacity, Cash Advance and Invoice Funding

Current Market U.S.-incorporated DTC ecommerce businesses with a U.S. business bank account

Current Eligibility 6+ months of consistent revenue and more than US$100,000 in monthly revenue

Historic Funding More than US$3.3B to 11,000+ businesses

Funding Capacity Up to US$10M for qualified brands with estimated terms of 4 to 12 months

Current Trigger US$100M Macquarie asset-backed facility announced Aug 18, 2026

Forward Funding Target Approximately US$900M to ecommerce brands over two years

Milestones

Select a milestone to follow Clearco's development

1 Launch 2015

2 Venture Scale 2018–2019

3 Clearco Rebrand Apr 2021

4 Recapitalization Oct 2023

5 Product Rebuild 2024–2025

6 Macquarie Facility Aug 2026

Milestone 1

Clearbanc Launches Its Ecommerce Funding Model (2015)

Andrew D'Souza and Michele Romanow founded Clearbanc in Toronto in 2015. The company developed a data-driven alternative to conventional equity funding for digital businesses.

Company

Clearbanc Toronto company founded by Andrew D'Souza and Michele Romanow

Stage

Launch Early non-dilutive financing model for online businesses

Capital

Revenue Based Funding is tied to business performance rather than founder equity

Markets

Digital Commerce Online businesses become the initial operating focus

Customers

Founders Growth-oriented online businesses seeking capital without selling ownership

Competition

Equity And Business Credit Clearbanc offers another funding route between venture equity and conventional borrowing

Additional Company Data

Clearbanc was founded in Toronto in 2015
Business operating data becomes central to funding decisions
The ecommerce specialization developed into the company's core funding market

NCFA Perspective

Clearco's original operating idea remains visible in the company today. Business data supports funding decisions while founders retain their equity. The products and capital structure change substantially over the following decade.

Milestone 2

Institutional Venture Capital Supports Expansion (2018–2019)

Clearbanc raised institutional venture capital as it expanded the ecommerce funding model and increased the amount of capital available to digital businesses.

Company

Clearbanc Ecommerce financing becomes the company's defining business

Stage

Venture Scale Institutional investors support platform expansion

Capital

Series A And B Equity capital supports company growth while separate funding capacity supports merchant advances

Markets

Ecommerce Digital merchant financing becomes a repeatable operating category

Customers

Online Businesses Funding is directed toward measurable growth spending and working capital

Competition

Alternative Growth Capital Clearbanc competes with equity, bank credit and other working-capital providers

Additional Company Data

Institutional investment supports larger operating scale
Funding decisions rely increasingly on merchant and ecommerce performance data
Customer activity builds a larger underwriting dataset

NCFA Perspective

The venture-backed expansion proves there is substantial demand for ecommerce growth capital. It also makes Clearbanc increasingly dependent on disciplined underwriting and reliable access to capital for customer advances.

Milestone 3

Clearbanc Becomes Clearco At Nearly US$2B Valuation (Apr 2021)

Clearbanc rebranded as Clearco in April 2021 and announced US$100 million of Series C equity financing plus US$250 million of debt. The transaction valued the company at nearly US$2 billion.

Company

Clearco Clearbanc adopts the Clearco name

Stage

Rapid Expansion Product and international ambitions expand

Capital

US$350M US$100M Series C equity plus US$250M of debt announced

Markets

International Clearco pursues a wider geographic and product strategy

Customers

Ecommerce Founders The company expands its founder proposition beyond a single financing product

Competition

Growth Capital Platform Clearco attempts to compete across funding and additional founder services

Additional Company Data

Oak HC/FT led the US$100M Series C equity round
The April 2021 financing included US$250M of debt
The announced valuation was nearly US$2B
The rebrand accompanied a wider company and product strategy

NCFA Perspective

The 2021 financing marks Clearco's high-growth period. Equity, debt capacity, valuation and operating ambition all increase at the same time. The later contraction shows why a specialty finance company cannot be judged by valuation or lifetime deployments alone.

Milestone 4

Clearco Recapitalizes Around A New Funding Structure (Oct 2023)

Clearco completed a recapitalization in October 2023 that included a US$60 million Series D and a Pollen Street Capital asset-backed facility providing up to US$100 million of financing capacity.

Company

Clearco The company operates under CEO Andrew Curtis following a difficult period of contraction

Stage

Recapitalization Capital structure and operating model are reset

Capital

US$60M + US$100M Series D equity plus asset-backed financing capacity

Markets

Ecommerce Focus The company concentrates on its core ecommerce financing business

Customers

Ecommerce Businesses Dedicated financing capacity supports approved customer advances

Competition

Specialty Finance Capital cost and underwriting performance become central competitive variables

Additional Company Data

Inovia Capital and Founders Circle Capital led the US$60M Series D
Pollen Street supplied up to US$100M in asset-backed financing capacity
Clearco expected the facility to support US$850M of originations over two years
The transaction was explicitly described as a recapitalization

NCFA Perspective

The 2023 transaction is more important than another venture round because it resets how Clearco finances the business. Dedicated asset-backed capital reconnects customer growth with funding capacity. The operating test becomes whether Clearco can grow without recreating the cost structure that contributed to its earlier contraction.

Milestone 5

Clearco Rebuilds Its Ecommerce Funding Suite (2024–2025)

Clearco expanded its funding products during 2024 and 2025. Rolling Funding launched in 2025 and replenishes available capacity as customers make payments. The company later combined Fixed Funding Capacity, Rolling Funding Capacity, Cash Advance and Invoice Funding into a broader ecommerce funding suite.

Company

Clearco The company operates with a narrower ecommerce focus and rebuilt product set

Stage

Product Rebuild Capital products expand after the recapitalization

Capital

Fixed And Rolling Customers can use one-time capacity or replenishing funding capacity

Markets

U.S. Ecommerce Current products focus on U.S. ecommerce brands

Customers

Established DTC Brands Current qualification focuses on businesses with meaningful recurring revenue

Competition

Flexible Working Capital Funding structure, pricing, capacity, speed and lien requirements become key points of comparison

Additional Company Data

Rolling Funding launched in 2025 and automatically replenishes available capacity as payments are made
Cash Advance sends capital directly to the customer's bank account
Invoice Funding supports supplier and vendor payments
Clearco currently offers both Fixed Funding Capacity and Rolling Funding Capacity

NCFA Perspective

The product rebuild concentrates Clearco on serving more funding needs for the same ecommerce customer. That makes repeat use, credit performance and capital efficiency more important than returning to the wide geographic expansion strategy of 2021.

Milestone 6

Macquarie Adds US$100M Of Asset-Backed Capacity (Aug 2026)

Clearco announced a US$100 million asset-backed financing facility from Macquarie Group on August 18, 2026. Clearco expects the facility to support approximately US$900 million in funding to ecommerce brands over the next two years.

Company

Clearco Toronto-headquartered ecommerce funding company led by Andrew Curtis

Stage

Funding Expansion Institutional capital increases customer funding capacity

Capital

US$100M Facility Macquarie provides asset-backed financing

Markets

U.S. Ecommerce Funding supports brands operating across DTC, wholesale, retail, marketplaces and social commerce

Customers

Up To US$10M Qualified brands can access funding with estimated terms of four to 12 months

Competition

Institutional Funding Economics Capital cost and asset performance influence Clearco's ability to price and expand funding

Additional Company Data

Macquarie's New York Fixed Income and Currencies team provided the financing
The new facility provides US$100M of asset-backed financing capacity
Clearco expects it to support approximately US$900M of ecommerce funding over two years
Clearco currently reports more than US$3.3B provided to 11,000+ businesses historically
The US$900M figure is a forward company expectation, not capital already deployed or Clearco revenue

NCFA Perspective

The Macquarie facility gives Clearco another institutional funding base after several years spent rebuilding the business. The next test is measurable. Clearco has to convert that capacity into sustained ecommerce financing while maintaining underwriting discipline and asset performance. The US$900 million target defines the scale of the opportunity, but it does not establish that the volume will be reached.

S4 EP66 David Gens, Merchant Growth

Over 6000+ Articles
Over 6000+ Articles

Sep 15: Canada Investment Summit 2026 PM Carney Opening RemarksNo. of Hits : 2312
Feb 8, 2026 Ramp Super Bowl Ad: Multiple What's PossibleNo. of Hits : 20080
Jan 20: PM Mark Carney, WEF 2026 Speech, DavosNo. of Hits : 19496

Some NCFA Advisors
Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration In a care[...]
Rojin Nair, Advisor
June 1st, 2021
At Incyub8 Inc, Rojin is focusing on nurturing and guiding various national and international start-[...]
David Durand, Advisor, Innovation and Advocacy
September 9th, 2020
David Durand, LL.L., B.Sc. chem., – Founder and Managing Partner of Durand Lawyers – Lawyer (Québec)[...]
Charlene Cieslik, Advisor, AML and Compliance
July 9th, 2018
Charlene Cieslik is the Principle of Complifact AML Inc., and currently spends her time assisting th[...]
Alan Wunsche, Advisor, Blockchain
January 3rd, 2018
Alan Wunsche Alan Wunsche, MBA, CPA, CA, CBP – Founder, TokenFunder and Co-founder/Chair, Blockchai[...]
David Lucatch, Advisor
September 25th, 2017
David Lucatch Serial Entrepreneur, Marketer, Startup Evangelist, Investor & Mentor David[...]
Jason Saltzman, Advisor, Securities and Financings
June 20th, 2017
Jason Saltzman is a partner in Gowling WLG (Canada) LLP’s Toronto office practising in corporate fin[...]
Robin Ford, Advisor, Governance and Regulation
May 10th, 2017
Robin Ford Bio (2017) After 25 years as a public sector lawyer and regulator, Robin is now consul[...]
Bundeep Rangar, Advisor, Global Debt Markets
December 14th, 2016
Bundeep Singh Rangar has more than 20 years' combined experience in finance, banking, consultancy, t[...]