Shift bags $23m Series D funding led by Peak XV Partners
Aussie fintech Shift has secured a $23 million (AUD 35 million) Series D funding round led by Indian venture capital firm Peak XV Partners (formerly Sequoia Capital South East Asia).
Shift lands $23m Series D funding
Based in Sydney, Shift provides credit and payment products for small and medium-sized enterprises (SMEs) in Australia, helping them to process transactions, receive payments, and manage funds.
Since its inception in 2014, the company claims to have served more than 25,000 SMEs.
Jamie Osborn, CEO of Shift, reveals the latest cash injection will be used to enable the fintech to “support far more Australian businesses by developing products and features that provide more value to a segment of the market that has been underserved by the incumbents for far too long”.
Shift also intends to further invest in its proprietary data models and platforms to “deliver better credit decisions and a vastly improved customer experience for Australian businesses and our network of commercial brokers”, continues Osborn.
The firm’s latest funding round, which saw participation from several unnamed existing investors, adds to Shift’s $18 million (AUD 27 million) Series C round, which was also led by Peak XV Partners.
The Series D also follows the completion of a $230 million Asset Backed Securitisation (ABS) in May.
