Shift, the distinguished Australian FinTech company, recently announced the successful closure of an AUD 35m Series D equity funding round.
This significant financial boost was led by Peak XV Partners, previously known as Sequoia Capital, SEA.
The investment was supported by several of Shift’s existing shareholders, continuing the momentum from a previous AUD230m Asset Backed Securitisation completed in May 2024. This marks a significant milestone as Shift celebrates a decade of operations since its inception in 2014.
Primarily, Shift is renowned for revolutionising credit and payment solutions tailored to Australian businesses. Over the years, Shift has dedicated itself to addressing the financial challenges faced by small and medium-sized enterprises (SMEs), which were often overlooked by traditional banking systems. To date, the company has facilitated over AUD3.5bn in funding, assisting more than 25,000 businesses.
The newly acquired funds are earmarked for several ambitious projects. According to Jamie Osborn, CEO of Shift, the focus will be on enhancing their proprietary data models and platforms.
Jamie Osborn elaborated on their future objectives, stating, “This fresh round of capital will be used to execute on our ambition to become the market-leading provider of credit and payments to Australian businesses. This includes further investment in our proprietary data models and platforms that deliver better credit decisions and a vastly improved customer experience for Australian businesses and our network of commercial brokers.
“We will continue to focus on growing in a profitable and sustainable manner, while effectively managing risk for our debt investors and providing a strong return for our shareholders.”
Rohit Agarwal, Managing Director at Peak XV, added, “Shift has had an excellent trajectory over the last decade. Business credit continues to be a large and underserved market and Shift has emerged as a leader in this segment with its unique underwriting models and customer centric products. With a long-term mindset and focus, Shift has shown outstanding resilience in both its top line and profitability through the tough monetary cycles of the last few years.”
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