news Australian-founded invoicing startup Invoice2go has raised $15 in investment capital to continue its mission of simplifying invoicing for small businesses.
The Series C financing round was led by existing investors Ribbit Capital, and included Accel Partners. Ribbit Capital is a venture capital firm that invests globally in ‘unique individuals and brands’ who are aiming to disrupt financial services. Accel is a leading early and growth-stage venture capital firm.
Invoice2go is a mobile app that helps small businesses manage cash flow through easy-to-use invoicing, expense tracking and simple reporting tools. It was founded in 2002 by an Australian small business owner who was frustrated by the lack of simple invoicing solutions.
The company has around 200,000 users, who already trust the app to send their invoices, and its customers are currently invoicing about US$1 billion per month.
The app has been trusted by business owners from all industries, from plumbers to personal trainers and creative freelancers. The additional financing lets the company widen its footprint in the fintech space with the development of new features to increase small business growth even further. In total, the company has received close to $35 million in total investment.
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.”
The company also today announced that it had launched a new mobile payments feature for its app, powered by Stripe Connect. 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 process brings the entire billing process into one app, making it easier for manual invoice, collecting payment and reconciling accounts to keep the cash flow in order.
Cristina Cordova, Head of Business Development at Stripe said: “We’re thrilled to see Invoice2go begin offering credit and debit card transactions using Stripe Connect. 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.”
Invoice2go CEO Greg Waldorf said: “No longer do America’s smallest business owners need to wait for a check in the mail. 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. There are more than 100 million small businesses around the world and we see opportunity for every one of them to operate more efficiently with simple technology designed specifically for them.”