Shift, a provider of credit and payment platforms for Australian businesses, has raised A$27m in a series C funding round.
The new capital will be used to further enhance its suite of credit and payment products.
The round was led by Sequoia Capital Southeast Asia and saw the majority of Shift’s existing shareholders participate.
The funding round comes on the heels of a recent A$140m increase in Shift’s debt funding capacity following a period of “record growth”.
Founded in 2014, Shift’s solutions include capital for growth, equipment finance and trade payment solutions. It supplies broker partners, merchants and direct customers.
Jamie Osborn, chief executive officer of Shift, commented: “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.”
Rohit Agarwal, principal of Sequoia Southeast Asia, said: “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.”