CIBC Innovation Banking to Provide Karbon with Credit Facility to Support its Growth Plans

CIBC Innovation Banking, in a recent press meet, has announced that it has provided a $5 million credit facility to Nevada-based Karbon Inc. ("Karbon"), which predominantly offers industry-leading practice management software for various accounting firms. The company plans to use this facility to support its hiring plans and to further improve and invest in its diverse product set.

Founded in 2014, Karbon's cloud-based solution enables accounting practices to manage internal workflows and communications more efficiently. It currently has employees across the USA with extensive experience in the accounting and software development industries and offices in New Zealand, the UK, and Sydney, Australia.

Desktop legacy solutions have historically dominated the workflow software market, and the immediate shift to 'work from home' provided an opportunity for Karbon, which saw its active users double in 2020. Accounting practices with cloud-based workflow versus legacy desktop solutions immediately realized the value of having the flexibility to work from anywhere efficiently. With the support of the CIBC Innovation Banking team, Karbon will continue building its product set and become the premium cloud-based workflow solution for accountants.