US-based startup finance platform Arc has raised $20m in Series A funding round led by Left Lane Capital.
Other investors involved in the financing round include Y Combinator, NFX, Clocktower Technology Ventures, Atalaya, Torch Capital, Soma, Bain Capital Ventures, Alumni Ventures, and Dreamers VC in addition to founders of Wayflyer, Column, Plaid, Chargebee, Vouch, and Jeeves.
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The latest funding round increases the firm’s total raised capital to $181m over the last 12 months. This includes $31m in equity and a $150m credit facility.
Earlier this year, Arc partnered with Stripe to launch new fully integrated digital platform, Arc Treasury, to help startups to access the essentials such as instant deposits, free money movement, spend control, unlimited cards, and market-leading benefits, among others.
Arc plans to use the new funding to accelerate its growth and expand its treasury and software products, which are designed to help startups access and manage capital while retaining equity.
Arc co-founder and CEO Don Muir said: “We are building the #1 digital bank for software startups.
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By GlobalData“For the first time, startups can tap into their future revenue to access capital without dilution, deposit those funds into an FDIC-eligible account, and leverage proprietary finance software to optimize growth.
“This capital injection will help us build and scale Arc Treasury to meet the digital banking needs of a new generation of software-driven businesses.”
