Australian startup Invoice2Go, a mobile invoicing app for small business, has received a huge $15 million funding boost.
And, thanks to a new joint partnership, the app will also introduce a feature for Australian businesses in 2016 that will allow owners to accept credit and debit card payments from customers and thus be paid faster.
The $15 million Series C funding from investors follows two previous rounds totalling $35 million which closed last year. This series was led by Silicon Valley investors Ribbit Capital which specialises in disruptive financial technology companies, and also includes Accel, a company with a strong tradition of supporting startups.
Invoice2go founder Chris Strode said the money will allow global expansion of Invoice2Go -- already the no.1 mobile invoicing app on the App Store -- and further its gains already made in the fintech space with new features.
“We’ve always kept a keen eye on solving real life challenges shared by business owners around the world, and we take great pride in making world-class software accessible for everyone,” Strode said.
The Invoice2Go app now generates $1 billion in monthly invoices.
“The funding we’ve raised will help us serve our customers in new ways, as we continue to bring the fintech revolution to every type of small business owner who wants a simpler way to get paid -- from tradespeople and service professionals to creative freelancers.”
The app currently has more than 200,000 active users, and this week announced that its customers are invoicing more than $1 billion per month.
“Businesses are interacting more and more through Invoice2go and we’ve been thrilled to be a part of it over the last year,” said Micky Malka, founder of Ribbit Capital.
“We’ve now significantly increased our ownership through the Series C financing to further support what we believe is one of the most exciting financial software companies today.”
In 2016 Australian users will be able to access the app’s new mobile payments feature developed in conjunction with Stripe Connect.
Where small businesses and freelancers previously had to spend time manually invoicing, collecting payment, and reconciling their accounts to keep cashflow in order, Strode says this new feature will allow them to accept credit and debit card payments immediately through Invoice2go and brings the entire billing process seamlessly into one app.
Strode said the new round of funding will allow even further investment.
“This round of funding demonstrates a significant vote of confidence from our existing investors,” he said.
“Invoice2go has gone from strength to strength in recent years and we are committed to continuously evolving our offering to provide the best invoicing product for our customers.”