Sequoia Capital Southeast Asia has led credit and payments fintech Shift’s $27 million Series C funding round.
Shift CEO Jamie Osborn said for the first eight years the company was in the start-up phase, but it’s now graduated to the “scale-up” stage.
Its products all come with different terms, but its term loan product provides companies with up to $1 million over a maximum of five years, with an annual interest rate of between 12.95 per cent and 21.95 per cent. Only companies that have been established for three-plus years can access this. Its equipment credit business, however, has a fixed annual interest rate of 15.95 per cent.
“For a business like ours ... we feel comfortable with a 50 per cent growth rate and won’t look to optimise above that.”Alongside the equity funding round, the business also recently secured an additional $140 million in debt funding capacity, extending its capacity to $800 million. The fintech believes it will have sufficient equity funding for the next three years, but would need to go back to debt markets numerous times in that period.
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