Invoice2go, the App Store’s top mobile invoicing app, recently announced it has raised $15 million in Series C funding from investors.
The company has also revealed it has introduced a new mobile payments feature that will allow small businesses and freelancers to accept credit and debit card payments from customers and get paid faster.
The financing was led by existing Silicon Valley investors Ribbit Capital, who specialise in disruptive financial technology companies, and included Accel, who have a track record of building start-ups into lasting category defining companies. The funding follows two previous rounds totalling $35 million, which closed in 2014.
What will Invoice2go use this $15 million for?
Invoice2go founder Chris Strode (pictured) said the funding would enable the Australian start-up to capitalise on its strong position globally and aggressively widen its footprint in the fintech space with the development of new features to fuel small business growth even further.
“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.”
Invoice2go has been going places
Invoice2go, which has experienced exponential growth in recent years, also recently announced a new milestone, with customers invoicing more than $1 billion per month, positioning the company to make an immediate impact on the more than 200,000 businesses who already trust the app to send their invoices.
Micky Malka, founder of Ribbit Capital, said, “Businesses are interacting more and more through Invoice2go and we’ve been thrilled to be a part of it over the last year.”
“We’ve now significantly increased our ownership through the Series C financing to further support what we believe is one of the most exciting financial software companies today.”
“This round of funding demonstrates a significant vote of confidence from our existing investors. Invoice2go has gone from strength to strength in recent years and we are committed to continuously evolving our offering to provide the best invoicing product for our customers,” Strode said.
In line with this commitment, Invoice2go has announced the launch of its mobile payments feature, powered by Stripe Connect, which will be available to Australian users in 2016.
Small businesses and freelancers who previously had to wait for cash or checks, can now accept credit and debit card payments immediately through Invoice2go, giving their customers more ways to pay and helping them get paid faster.
The new offering is unique in that it brings the entire billing process seamlessly into one app, a game-changer for every business owner who has spent countless hours manually invoicing, collecting payment, and reconciling their accounts to keep cashflow in order.
“We’re thrilled to see Invoice2go begin offering credit and debit card transactions using Stripe Connect,” said Cristina Cordova, Head of Business Development at Stripe.
“Invoice2go is at the forefront of mobile invoicing, and today’s integration will make it easier than ever for their small business customers to get paid,” she said.