Small businesses are the heart of the American economy. These businesses drive 50% of annual net job creation and are growing 2x to 3x faster than any other time in the last 15 years–and there’s no sign of slowing down. New business applications are continuing to increase, with 23% growth from 2020 to 2021.
But new businesses are at a disadvantage, especially now. They struggle to access important products like bank accounts, capital, and credit when they need it most. With the current landscape, 50% of these businesses will fail within the first five years. We’re here to change that by making it easier for businesses to verify and underwrite other businesses with our identity-as-a-service APIs.
Today, we’re excited to announce that Middesk has raised $57M in our Series B co-led by Insight Partners and Canapi Ventures, with additional investments from existing investors Sequoia and Accel, as well as Gaingels. With this investment, we believe that we can accelerate trust between businesses and encourage more companies to work together by giving them access to the products and services they need to grow and thrive.
We’re putting this capital to use by investing in new and existing products, providing the tools and data needed by banks, insurers, credit card companies, lenders, and payroll companies.
Our vision is to build the identity layer that enables instant onboarding for any B2B product. With Middesk, businesses can instantly access all of the information required to evaluate, approve, and onboard another business, regardless of industry or use case. Join us as we make it easier for new businesses to thrive with accurate, complete, and instantly available data!