Shift, a provider of credit and payment platforms for Australian small businesses, has announced the closing of a $27 million Series C funding round, led by Sequoia Capital Southeast Asia.
This latest round comes after a recent $140m increase in Shift’s debt funding capacity, along with a period of record growth for the company as it saw both funding and revenue exceeding 50% growth in each of the last three years.
Since its founding in 2014, Shift has provided more than $2bn in tailored financial solutions to support Australian businesses, which includes capital for growth, equipment finance, and trade payment solutions.
In addition to Sequoia Capital Southeast Asia’s involvement, the majority of Shift’s existing shareholders also participated in the Series C equity round.
Shift said the new capital raised would be used to enhance the company’s suite of credit and payment products and deliver further value to its network of broker partners, merchants, and direct customers.
“Shift’s strong performance over the past three years speaks to the opportunity in disrupting the highly underserved market of business credit and payments, which has lagged behind the wave of innovation in consumer finance,” said Shift CEO Jamie Osborn (pictured above).
“With this funding, we are well-positioned to scale our business and unlock growth for our partners and business customers. In Sequoia Capital Southeast Asia, we found a partner with shared values and a shared appreciation for the opportunity to disrupt an antiquated industry through product and service innovation.”
“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,” said Rohit Agarwal, Sequoia Capital Southeast Asia's principal.
“More than $3 trillion 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. We’re glad to be a part of this journey.”