Middesk raises USD 57 mln in Series B round

The round was co-led by private equity and venture capital firm Insight Partners and Canapi Ventures, with additional investments from existing investors Sequoia and Accel, as well as Gaingels. Middesk will use the capital to invest in new and existing products, scale the team, and educate the market about business identity.

Middesk was founded in 2019 to address the downstream effects and resulting challenges of onboarding new business customers. Middesk's infrastructure solution provides the tools, data, and documents needed by banks, insurers, credit card companies, lenders, payment firms, payroll companies, and other service providers to automate onboarding in regulated industries.

Its platform provides data on businesses in the US and automatically notifies service providers of changes to its customer base, enabling them to make informed decisions during and after onboarding. This allows service providers to form an accurate picture of their customers and offer the critical products their customers need to establish, operate, and maintain their businesses.