Shift has successfully closed a $35 million Series D funding round. The investment was spearheaded by Peak XV Partners, previously known as Sequoia Capital, SEA, which also led Shift’s Series C funding round in 2023.
The Series D equity raise follows Shift’s recent completion of a $230 million Asset Backed Securitisation in May 2024 and comes as the company celebrates a decade in operation, according to a news release.
Jamie Osborn (pictured), CEO of Shift, expressed enthusiasm about the fresh capital injection, stating, “We started in 2014 with a belief that SMEs were being largely underserved by traditional finance models. Ten years on, we’ve helped to solve the credit and payment pain points for more than 25,000 businesses, providing over $3.5 billion in aggregate funding.”
Osborn said that the new funding will fuel Shift’s ambition to solidify its position as the leading provider of credit and payment solutions to Australian businesses. The company plans to invest further in its proprietary data models and platforms, aiming to enhance credit decisions and improve the overall customer experience not only for Australian businesses but also their network of commercial brokers.
The funding also underscores Shift’s commitment to profitable and sustainable growth while managing risks effectively for its debt investors and delivering strong returns for its shareholders.
Rohit Agarwal, managing director at Peak XV, commended Shift’s progress over the past decade. “Shift has had an excellent trajectory. 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,” Agarwal said.
“The additional funding will enable us to support far more Australian businesses by developing products and features that provide more value to a segment of the market segment that has been underserved by the incumbents for far too long.”
Founded in 2014, Shift offers a range of credit and payment products designed to help businesses manage their cash flow, purchase assets, and optimise trade terms.
Peak XV Partners, formerly Sequoia Capital India & SEA, is a prominent venture capital firm investing across India, Southeast Asia, and beyond. Over the past 18 years, Peak XV has grown to manage over US$9 billion in capital across 13 funds and invested in over 400 companies, achieving 23 IPOs and numerous successful mergers and acquisitions.
Do you have something to say about this update? Let us know in the comments below.
