Clearbanc is sick of being just a bank after five years of providing non-dilutive funding to entrepreneurs. So, it’s rebranding and has just secured a $100 million Series C round at a $2 billion value based on its bigger goals. Clearbanc’s current valuation is five times more than when Series B was closed in 2019 as per mascarenhastechcrunch.

According to co-founders Michele Romanow and Andrew D’Souza, Clearbanc has changed its name to Clearco, which better aligns with the company’s long-term ambition of offering data-driven solutions for entrepreneurs.          

“We’re transitioning from simply being a capital supplier and [having] a transactional connection with our clients to truly leveraging data, our network, guidance, and money to be a long-term partner,” D’Souza added. To put it another way, Clearco wants its founders to see the firm as more than just a check-writing machine.

Today’s announcement is a departure from the 20-minute term sheet, which Clearco defined itself around just two years ago. The product, already popular in tech arena, allowed e-commerce companies to raise non-dilutive marketing growth capital between $10,000 to $10 million based on its revenue and ad spend. The founders then flexed rapid capital deployment based on data — and, to date, Clearco has put more than $2 billion in over 4,600 companies.      

Many of Clearco’s newest products are still in the early stages of development, but the startup’s potential success might be linked to the overall trend of businesses searching for alternatives to venture capital when it comes to funding. Clearco’s growth is cleanly connected to the increase of entrepreneurs who perceive funding as more than a seed check from Y Combinator, similar to how AngelList’s growth is neatly correlated to the growth of new fund managers. Oak HC/FT, which closed a $1.4 billion fund in February, led the newest deal. To put it another way, a typical venture capital firm financed a company that believes the future of startup funding lies outside of venture capital. Even if it’s Meta, it’s a signal worth noting.