The raise comes on the heels of a A$140 million increase in debt funding capacity for the firm, which has seen revenue exceeding 50% growth in each of the last three years.

The new capital will be used to develop Shift’s suite of credit and payment products and deliver more value to Shift’s network of broker partners, merchants and direct customers.

Rohit Agarwal, principal, Sequoia Southeast Asia, says: "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."