This follows the announcement in October 2012 by Prime Minister David Cameron of his Supply Chain Finance scheme, which underscores the growing need for small businesses to have affordable access to funding. At the time Prime Minister Cameron said: "This Government is determined to back all those businesses who aspire to get ahead and take on more people. In the current climate, viable businesses can struggle to get the finance they need to grow - this scheme will not only help them secure finance and support cash flow, but will help secure supply chains for some of our biggest companies and protect thousands of jobs. It can be a win-win, with large companies and small suppliers both benefiting from this innovative scheme"

Bertram Meyer, CEO at Taulia, says: "The expansion we're seeing in our industry is unprecedented, and we're happy to provide a solution that benefits both small businesses and corporate buyers by keeping cash flowing at less cost."

It also follows the publication of research by the Credit Management Research Centre on June 2nd this year which highlighted a £75bn trade credit gap in the UK and showed that there is a compelling need for Taulia's innovative solutions. Jon Keating, Managing Director EMEA at Taulia, said: "The report highlighted that trade credit is being used as a blunt instrument by many companies, with outdated and often adversarial practices poorly adapted to today's new economic environment. Some companies have taken steps to work more closely with their largest suppliers, but a healthy supply chain needs all suppliers to be treated the same and for suppliers and buyers to help each other to succeed by working better together. That's why we've joined forces with the ACCA, CIPS and ICM to create the Trade Credit Improvement Consortium as part of our commitment to secure the recovery."

The round was funded by current investors, including Matrix, Trinity, Lakestar, DAG, and led by QuestMark Partners. The funding comes as the San Francisco-based startup has seen more than a 300% increase in revenue during the first two quarters of 2014, compared to the same two quarters from 2013. Taulia attributes the unprecedented growth to doubling its number of customers in 2014, and maintaining its 100 percent customer retention and renewal rate. This includes a number of significant customer wins in EMEA following the opening of a London office on November 2013.

"Taulia is honoured to have won the trust of so many new customers and investors, and we look forward to working with them as we continue to grow," says Bertram Meyer. "It's an exciting time for Taulia."

San Francisco-based Taulia provides some of the world's largest organisations with cloud-based invoice, payment and dynamic discounting solutions. Taulia helps corporations become more profitable through automating invoicing and Purchase-to-Pay processes, maximising supplier discounts, while also supporting cash-starved small businesses.

The funding will be used to further Taulia's market traction, expand hiring efforts, and open offices around the world. This year, Taulia has opened new offices in Austin, Texas, and Sofia, Bulgaria. The company, which already has offices in London, England, Düsseldorf, Germany, and Park City, Utah, is also expanding its San Francisco headquarters.

Financial Technology Partners LP and FTP Securities LLC ("FT Partners") served as exclusive financial advisor to Taulia in this transaction.