Already a fintech market leader, Invoice2Go plans to use the money to develop technology to further expand its footprint
Australia-based invoicing app Invoice2go — the top invoicing app on the iOS App Store — announced on Tuesday a Series C funding round of US$15 million.
The investment was led by previous investor Ribbit Capital; VC firm Accel Partners also partook in the round. The Series C comes after two previous rounds of US$35 million — bringing the total amount raised to US$50 million.
Furthermore, Invoice2go announced a partnership with Stripe to launch a mobile payment solution aimed at allowing SMEs and freelancers to more conveniently accept credit and debit card payments from customers.
“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,” said Founder Chris Strode in an official statement.
Invoice2go plans to use the money to leverage its position as a market leader and further develop features that will help it expand its footprint.
The company processes an impressive US$1 billion per month worth of invoices and boasts 200,000 companies using the service.
Founded in 2002, Invoice2Go targets SMEs with the goal of minimizing administrative work for businesses.
The Australian company has branched out of of its home country and has an office in Palo Alto, California.
In May, the New York Times highlighted Invoice2go and its previous round of $US25 million as evidence of the Silicon Valley’s growing interest in the Australian tech scene. A trend that is not likely to be dismissed by this latest news.
Both Ribbit Capital and Accel are two of the Silicon Valley’s more recognizable investment firms. Accel in particular boasts a murder’s row of investments that include Facebook, Dropbox, Atlassian, Braintree, FlipKart, Slack and Spotify.
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