Leading Australian company Shift, which offers credit and payment solutions, announced today that it has completed a $AUD35 million Series D investment round headed by Peak XV Partners (formerly Sequoia Capital, SEA).
A number of current owners took part in the Series D equity transaction in addition to Peak XV Partners, who spearheaded Shift’s Series C financing in 2023.
This funding round coincides with the company’s tenth year of operation and comes after the $230 million Asset Backed Securitization was completed in May 2024.
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“We started in 2014 with a belief that SMEs were being largely underserved by traditional finance models,” said Jamie Osborn, CEO of Shift. 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.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.”
Renowned venture capital firm Peak XV Partners (formerly Sequoia Capital India & SEA) makes investments in India, Southeast Asia, and other regions.
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Peak XV has expanded to manage over USD 9 billion in capital across 13 funds and invest in over 400 firms during the course of 18 years of operations in the region. Throughout the course of the portfolio’s 23 IPOs and several profitable M&As, over USD 4.8 billion in realized exits have been achieved.
“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,” said Rohit Agarwal, Managing Director, Peak XV.
Businesses, with their own distinct set of challenges and opportunities, are acknowledged as the engine of the economy and the center of communities.
About Shift
Shift’s credit and payment tools help businesses manage cashflow, buy assets, streamline trade terms, and find the correct financial instruments for their changing needs.
