Shift, a supplier of credit score and cost platforms for Australian small companies, has introduced the closing of a $27 million Collection C funding spherical, led by Sequoia Capital Southeast Asia.
This newest spherical comes after a current $140m improve in Shift’s debt funding capability, together with a interval of document progress for the corporate because it noticed each funding and income exceeding 50% progress in every of the final three years.
Since its founding in 2014, Shift has supplied greater than $2bn in tailor-made monetary options to assist Australian companies, which incorporates capital for progress, gear finance, and commerce cost options.
Along with Sequoia Capital Southeast Asia’s involvement, nearly all of Shift’s current shareholders additionally participated within the Collection C fairness spherical.
Shift stated the brand new capital raised could be used to reinforce the corporate’s suite of credit score and cost merchandise and ship additional worth to its community of dealer companions, retailers, and direct prospects.
“Shift’s robust efficiency over the previous three years speaks to the chance in disrupting the extremely underserved market of enterprise credit score and funds, which has lagged behind the wave of innovation in client finance,” stated Shift CEO Jamie Osborn (pictured above).
“With this funding, we’re well-positioned to scale our enterprise and unlock progress for our companions and enterprise prospects. In Sequoia Capital Southeast Asia, we discovered a accomplice with shared values and a shared appreciation for the chance to disrupt an antiquated business by way of product and repair innovation.”
“Whereas massive corporates can entry financing primarily based on their revenue or money flows and shoppers can entry financing through bank card or private loans, many companies in Australia must depend on mortgaging their houses or autos,” stated Rohit Agarwal, Sequoia Capital Southeast Asia’s principal.
“Greater than $3 trillion is excellent in credit score to companies and greater than 90% of it’s backed by actual property or car. Shift is fixing this by offering good finance options – credit score anytime, wherever – to tens of millions of companies utilizing information and expertise. We’re glad to be part of this journey.”