The investment follows a A$140m expansion in Shift’s debt funding capability. Credit: Precondo CA on Unsplash.

Australian credit and payment provider Shift has secured an investment of  A$27m ($19m) in its Series C equity funding round.

Sequoia Capital Southeast Asia led the fundraise, which was also joined by various existing shareholders of Shift.

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The investment comes shortly after a A$140m expansion in Shift’s debt funding capability. The firm also witnessed over 50% growth in its funding and revenue earnings each over the past three years.

The firm intends to use the fresh funding to further develop its credit and payment solutions as well as offer improved capabilities to its broker partners, merchants and direct clients.

Shift CEO Jamie Osborn said: “With this funding, we are well-positioned to scale our business and unlock growth for our partners and business customers.

“In Sequoia Capital Southeast Asia, we found a partner with shared values, and a shared appreciation for the opportunity to disrupt an antiquated industry through product and service innovation.”

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Since its inception in 2014, Shift has been offering more than A$2bn in personalised financial solutions to businesses in Australia.

The firm’s solutions comprise capital for growth, equipment finance in addition to trade payment products.

Sequoia Southeast Asia principal Rohit Agarwal said: “While large corporates can access financing based on their income or cash flows and consumers can access financing via credit card or personal loans, many businesses in Australia have to rely on mortgaging their homes or vehicles.

“More than three trillion dollars is outstanding in credit to businesses and more than 90% of it is backed by real estate or automobile.

“Shift is solving this by providing smart finance solutions – credit anytime, anywhere – to millions of businesses using data and technology. We’re glad to be a part of this journey.”