Shift Closes $AUD35m Series D Equity Raise  

SYDNEY, AUSTRALIA – 26 August, 2024 –Shift, a leading provider of credit and payment products to Australian businesses, announced today that it has closed an $AUD35 million Series D funding round, led by Peak XV Partners (formerly Sequoia Capital, SEA).  

In addition to Peak XV Partners, who led Shift’s Series C round in 2023, several existing shareholders participated in the Series D equity round. This 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. 

“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.” 

“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,” said Jamie. 

“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. 

“Since becoming an investor in 2023, Peak XV has supported our focus on transforming SME credit and payments. 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,” said Jamie. 

About Peak XV

Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital firm investing across India, Southeast Asia and beyond.

Over the last 18 years of our operations in the region, Peak XV has grown to manage over USD 9 billion in capital across 13 funds and invested in over 400 companies.

The portfolio has seen 23 IPOs and multiple successful M&As, resulting in over USD 4.8 billion in realized exits so far.