Australian mobile invoicing app Invoice2go has raised another $15 million in its Series C funding round, bringing the total capital raised to $50 million.
The funding round has been led by US venture capital firms Accel Partners and Ribbit Capital, the original investors in last September’s $35 million raising.
The new capital will be used to build out new services, including new integrations with payment companies such as Stripe, says founder Chris Strode.
The money also allows the company a couple of years of runway to continue developing the business and the services. Strode says the company isn’t ready for an IPO at the moment.
“We still have a lot to figure out in the payments space. So you know we just want the time to do that all,” Strode says.
The company was founded in 2002, long before the Smartphone era.
The first mobile app was launched five years ago, and the company has grown from a one person operation to more than a hundred employees since then.
The app allows users to create and send out invoices on the spot, a useful function for contractors. It now processes more than $1 billion worth of invoices per month, through 200,000 users around the world.
Through new integrations, Invoice2go will add the ability to accept payments via credit card or eftpos on the spot.
“Traditionally if you’re a business you have to sign up for a merchant account and all that sort of stuff,” says Strode.
“But for all these small businesses that are using our app, like the carpenters and painters and dog walkers, hundreds of thousands of small businesses, they will just be able to flick a switch.”
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