Shift, a supplier of credit score and fee 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 latest $140m improve in Shift’s debt funding capability, together with a interval of report development for the corporate because it noticed each funding and income exceeding 50% development in every of the final three years.
Since its founding in 2014, Shift has supplied greater than $2bn in tailor-made monetary options to help Australian companies, which incorporates capital for development, tools finance, and commerce fee options.
Along with Sequoia Capital Southeast Asia’s involvement, the vast majority of Shift’s present shareholders additionally participated within the Collection C fairness spherical.
Shift mentioned the brand new capital raised could be used to reinforce the corporate’s suite of credit score and fee merchandise and ship additional worth to its community of dealer companions, retailers, and direct clients.
“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,” mentioned Shift CEO Jamie Osborn (pictured above).
“With this funding, we’re well-positioned to scale our enterprise and unlock development for our companions and enterprise clients. In Sequoia Capital Southeast Asia, we discovered a associate with shared values and a shared appreciation for the chance to disrupt an antiquated business by product and repair innovation.”
“Whereas massive corporates can entry financing based mostly 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,” mentioned 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 sensible finance options – credit score anytime, wherever – to thousands and thousands of companies utilizing information and expertise. We’re glad to be part of this journey.”