Shift, a provider of credit and payment platforms for Australian firms, has closed an AUD$27m Series C funding round.
The round was led by Sequoia Capital Southeast Asia. The raise comes on the back of a recent AUD$140m increase in its debt funding capacity following a recent growth period.
Shift has now provided more than AUD$2bn in tailored financial solutions to support the growth aspirations of Australian businesses since its founding in 2014.
These solutions include capital for growth, equipment finance, and trade payment solutions. The new capital will be used to further enhance Shift’s innovative suite of credit and payment products and deliver even more value to Shift’s network of broker partners, merchants and direct customers.
In addition to Sequoia Capital Southeast Asia’s participation, the Series C equity round saw the majority of Shift’s existing shareholders participate.
Shift said it expects to continue a strong growth trajectory in 2023 as businesses continue to grow and adapt in a changing business climate.
Shift CEO Jamie Osborn said, “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.
“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.
“We are delighted to have them as part of our team as we move through the next phase of the company’s growth and deliver finance on demand to help Australian companies better grow and run their businesses.”
Comun, a neobank that provides modern banking solutions for members of the Latino community, has closed a $4.5m seed round.
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