Shift raises $23.7M in Series D funding led by Peak XV Partners

Australian fintech company Shift has successfully closed a $23.7 million (AUD 35 million) Series D funding round. This substantial financial backing was led by Indian venture capital firm Peak XV Partners, formerly known as Sequoia Capital Southeast Asia.

The funding round also saw participation from several existing shareholders, continuing the momentum from Shift’s previous $230 million Asset-Backed Securitisation completed in May 2024.

Since its inception in 2014, Shift has been committed to boosting credit and payment solutions for small and medium-sized enterprises (SMEs) in Australia. Over the past decade, the company has facilitated over AUD 3.5 billion in funding, assisting more than 25,000 businesses.

Jamie Osborn, CEO of Shift, emphasised the company’s mission: “We started in 2014 with a belief that SMEs were being largely underserved by traditional finance models.”

The newly acquired funds will be used to further invest in Shift’s proprietary data models and platforms.

“This fresh round of capital will be used to execute 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,” said Osborn.

Shift’s strategic vision focuses on growing profitably and sustainably while effectively managing risk for debt investors and providing strong returns for shareholders.

“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,” added Osborn.

Rohit Agarwal, Managing Director at Peak XV, praised Shift’s resilience and innovative approach: “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.”

The Series D funding round marks a significant milestone for Shift as it celebrates a decade of operations. With the support of Peak XV Partners and other investors, Shift is well-positioned to continue its mission of transforming SME credit and payment solutions in Australia.

The additional funding will enable the company to develop new products and features, providing more value to a market segment that has been underserved by traditional financial institutions for far too long.

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