Shift, a provider of credit and payment platforms for Australian businesses, has attracted investments in the amount of AUD$27 million following the results of the Series C financing round.
Source: Pixabay.com
This funding round was led by Sequoia Capital. The attraction of new investments followed an increase in the company’s debt financing capabilities by 140 million Australian dollars, whose revenue has grown by more than 50% over the past three years.
The firm intends to spend the raised capital on creating a set of credit and payment products. Also, as part of the disbursement of new financial resources, the company expects to increase the value of the network of partners-brokers, sellers, and direct clients.
Rohit Agarwal, director of Sequoia Southeast Asia, says that in Australia, many businesses can only rely on collateral for their homes or vehicles to access financing. He also noted that large corporations and ordinary consumers are in a better position since they have the opportunity to get appropriate access through credit cards or personal loans.
Australia currently has over $3 trillion in outstanding loans from businesses. More than 90% of them are provided with real estate or cars. Shift is trying to solve this problem by applying intelligent financial solutions, which are loans available anytime and anywhere.
Shift provides financing on demand of the business. Through data streaming, the company provides credit and payment platforms that help businesses trade, pay, and access funds. Shift is one of Australia’s fastest-growing technology companies. The firm has been awarded the magazines AFR Fast 100, Deloitte Technology Fast50, Smart50 from Smart Company, and Deloitte Asia Pacific Technology Fast 500.
Since its founding in 2014, Shift has provided customized financial solutions worth more than 2 billion Australian dollars. These funds, according to the company, were aimed at supporting the aspirations of the Australian business for growth.
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