- Funding Secured: Australian fintech Shift has raised $23 million (AUD 35 million) in a Series D funding round led by Peak XV Partners (formerly Sequoia Capital South East Asia).
- Company Overview: Based in Sydney, Shift provides credit and payment solutions for small and medium-sized enterprises (SMEs) in Australia. Since its launch in 2014, the company has served over 25,000 SMEs.
- Use of Funds: CEO Jamie Osborn states the funding will be used to develop new products and features to better support Australian businesses, particularly those underserved by traditional financial institutions. The company also plans to enhance its proprietary data models and platforms to improve credit decisions and customer experiences.
- Previous Funding: Shift’s latest round follows an $18 million (AUD 27 million) Series C round, also led by Peak XV Partners, and a $230 million Asset-Backed Securitisation (ABS) completed in May.
- Investor Participation: The Series D round included participation from several unnamed existing investors.
