Australian mobile invoicing outfit Invoice2go has raised $15 million in fresh funding and secured a deal with payments outfit Stripe as it bids to take on the likes of Square and PayPal in small business financing.
The Series C financing round was led by Ribbit Capital and brings the firm's total funding to date to $50 million. The company says the fresh cash injection will help it to aggressively widen its footprint in the fintech space.
Established in 2002, Invoice2Go has recently opened a new office in Redwood City California as it bids to grow its network of more than 200,000 users who already use its app to process more than $1 billion in invoices per month.
The arrival of the new funding comes as the company moves into the payments space through an integration with Stripe Connect, taking it squarely into the territory of Square and PayPal. Small businesses and freelancers who previously had to wait for cash or cheques can now accept credit and debit card payments immediately through a single app, eradicating hours of manual investment in payments collection and account reconciliation. The app also includes receipt capture, expense tracking features, and basic reporting tools.
“No longer do America’s smallest business owners need to wait for a cheque in the mail," says Invoice2go CEO Greg Waldorf. "The ability to accept credit and debit card in a seamless way levels the playing field. They can meet the demand of their customers in today’s digital age, and improve their cash flow by getting paid faster.”