Invoice payments startup Marmalade raises $16m
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The news: Invoice payments startup Marmalade has raised a fresh round of funding for customer growth and product development.
The numbers: Marmalade has raised $16 million in its latest funding round that was led by Blue Stamp Company with participation from existing investor Paloma Capital along with a number of family offices. This takes its total fundraising since inception to $32 million.
The Australian invoice payment platform recorded transactions worth half-a-billion dollars annually and last year posted a 65% increase in customer numbers and a 100% uplift in payment volumes and revenue.
The context: The platform allows small and medium-sized businesses to pay invoices on demand to alleviate cash-flow challenges. It integrates with cloud accounting platforms such as Xero, Quickbooks and MYOB to give small businesses the option to encash individual invoice payments from their customers for a one-off transaction fee.
The company will use the proceeds to fund new customer growth and product development, and is targeting transaction processing worth $1 billion of payments through the platform this year.
The source: Marmalade media release
