The new funding is set to help Ingogo launch a mobile payment and accounting platform for small and medium businesses, in partnership with online accounting software company Xero.
The Australian startup is now valued at USD 45 million and has raised USD 16.2 million in total capital. Based on the past month’s trading, Ingogo is processing an annual equivalent of approximately USD 100 million in taxi payments.
The startup’s latest funding round was led by UBS and Canaccord Genuity. With the addition of Chris Lee and Craig Winkler as investors, Ingogo now has three MYOB co-founders backing the startup. The other is Brad Shofer.
Ingogo has also tapped into crowdfunding. The round was the first deal for VentureCrowd, an equity-based crowdfunding platform set up by Artesian Venture Partners. VentureCrowd has contributed USD 1.2 million from about 50 pre-qualified individual investors.
Also, Ingogo has announced three new members to its board. Martin Dalgleish – who has served on several boards including Foxtel, Hoyts and SEEK – will be chairman. Shofer, co-founder of MYOB and a significant shareholder in Xero, and Naseema Sparks, chairman of DealsDirect, will serve as non-executive directors.
The beta for Ingogo’s Xero payment integration is set to be launched by the end of October 2014 with a full commercial version set to launch in early 2015.
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