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The SME lender will reportedly use the money to invest in data models, platforms that deliver “better credit decisions”, and an improved broker and customer experience.
Non-bank lender Shift has closed a new $35 million Series D funding round.
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The round, led by Peak XV Partners (formerly Sequoia Capital, SEA), saw several existing shareholders participate.
According to the SME lender’s CEO Jamie Osborn, the new capital will be used to execute Shift’s “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,” he said.
“We will continue to focus on growing in a profitable and sustainable manner, while effectively managing risk for our debt investors and providing a strong return for our shareholders.
“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 that has been underserved by the incumbents for far too long.”
The funding round follows the completion of a $230 million asset-backed securitisation in May 2024 and comes as the company marks 10 years in operation.
Osborn said: “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.
“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.”
Rohit Agarwal, the managing director of Peak XV, said: “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.”
[Related: Shift unveils full product digitisation but remains focused on brokers]
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