Australian fintech firm Shift has raised A$27m ($18.7m) in a Series C funding round led by Sequoia Capital Southeast Asia.

The majority of Shift’s existing shareholders also participated in the equity funding round. 

Shift, which provides credit and payment services to businesses, plans to use the funding to expand its suite of products and create greater value for its network of broker partners, merchants, and direct customers.

The investment round follows a recent A$140m ($97.07m) boost in Shift’s debt funding capacity. 

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.”

Since its inception in 2014, Shift claims to have now offered more than $2bn in specialised financing solutions to assist the expansion goals of Australian businesses.

Shift CEO Jamie Osborn said: “Shift’s strong performance over the past three years speaks to the opportunity in disrupting the highly underserved market of business credit and payments, which has lagged behind the wave of innovation in consumer finance.

“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.”