In a Series C funding round led by Sequoia Capital Southeast Asia, Shift, which helps Australian businesses with credit and payment platforms, raised A$27 million.
The raise comes after the company’s debt-funding capacity went up by A$140 million. In each of the last three years, the company’s sales have grown by more than 50%.
The new money will be used to improve Shift’s credit and payment products and give its network of broker partners, merchants, and direct customers more value.
“While large corporates can access financing based on their income or cash flows and consumers can access financing via credit card or personal loans, many businesses in Australia have to rely on mortgaging their homes or vehicles.
More than three trillion dollars is outstanding in credit to businesses and more than 90% of it is backed by real estate or automobile.
Shift is solving this by providing smart finance solutions – credit anytime, anywhere – to millions of businesses using data and technology.”
