Clearbanc rebranding as Clearco after fundraising round

A Canadian fintech darling that is co-led by “Dragon’s Den” star Michele Romanow announced Tuesday a major rebranding on the heels of a US$100-million series C raise.

Clear Finance Technology Corp., which operates Clearbanc, announced that Connecticut-based venture capital firm Oak HC/ FT was leading the third round of funding. The Toronto-based company also raised US$250 million of debt from National Bank subsidiary Credigy. Combined, the two funding vehicles raise the company’s valuation to nearly US$2 billion, according to a press release.

In the wake of the fundraising round, the AI-based lending firm, which largely finances e-commerce startups, is rebranding from Clearbanc to Clearco in a move meant to signal that it’s much more than a disruptive financier.

“I think that people when they see the word bank, they think about just capital,” president and co-founder Romanow told Postmedia News.