The credit and information provider for small and medium-sized businesses, Creditera, has launched a new free membership service today at Money20/20 in Las Vegas.
The company’s new service provides access to personal and business credit information through a comprehensive integration of available financial information, the company said. In addition, Creditera announced its Series A financing, a $6.5 million round led by the Silicon Valley investor Kleiner Perkins Caufield & Byers.
Access to credit and proper credit scoring is a problem that’s bedeviled small and medium-sized businesses since the financial crisis, when most banks began shedding their small business lending operations. Banks eschewing the small business market opened the door for other lenders to come in and drove a venture investment boom in companies like Lending Club, OnDeck and Prosper.
Business owners receive advice on how to lay the foundation for business credit by registering with credit bureaus and establishing trade accounts; ensure the accuracy of their business and personal credit reports, and identify areas of credit that may require attention.
In addition to its consulting and alerting services, Creditera features a commercial marketplace that matches small business owners with products and services based on their scores. The marektplace features commercial loan options, business credit cards, and more products for qualified business owners.
“Healthy credit is crucial for a small business and means getting faster funding, improved cash flow and more opportunities for a business to thrive,” said Levi King, co-founder and CEO of Creditera, in a statement. “I’ve learned first-hand as a serial entrepreneur how credit can negatively impact growth and have put all that experience into building Creditera. The new free membership from Creditera will help small businesses proactively take control of their credit future, so they can create the business of their dreams and help fuel the U.S. economy.”
Financing for the Series A round, which closed earlier in the year, was led by KPCB, but included participation from previous Creditera investor, Peak Ventures and other undisclosed backers. The company raised its seed round from Kickstart Seed Fund.
Photo via Flickr user Sean MacEntee