Besides Peak VX Partners, Shift’s funding round also saw participation from several existing shareholders, with the current news following the completion of a USD 230 million Asset Backed Securitisation in May 2024. The fintech focuses on delivering business credit and payments, including overdrafts, term loans, vehicle and equipment finance, and a trade account.
In addition, since the start of its operations in 2014, Shift has been committed to providing solutions that meet the needs of small and medium-sized enterprises (SMEs), that were previously underserved by traditional finance models. As per its data, the company solved credit and payment difficulties for over 25,000 businesses, offering nearly USD 3.5 billion in aggregate funding.
How will Shift leverage the capital?
Moreover, Shift underlined its intentions to continue to centre its efforts on expanding profitably and sustainably, while managing risk for its debt investors and providing a return for its shareholders. Regarding the funding, representatives from Peak XV Partners mentioned that, as business credit continues to be a large and underserved market, the company aims to support Shift in further offering underwriting models and customer-centric products. Also, the capital injection is set to allow Shift to support more Australian businesses by developing products and features that deliver increased value to a previously underserved segment of the market.
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