BizPay kicks off Series C funding round
BizPay, a leading fintech that allows businesses to pay their invoices over time in four instalments, has announced the opening of its latest funding round. Since launching into the market in late 2019, the business has raised over $45 million to accelerate growth; in this funding round, BizPay is aiming to secure over $20 million.
BizPay’s growing success is due to its ability to quickly and accurately analyse a company’s financial position, with minimal input from the customer. By avoiding the need to go through a complex approval process, BizPay enables businesses to complete their transactions quickly so that they can spread repayments over time, and retain more cash on hand than other payment methods. Critical to BizPay’s success is CTO David Huang and the team who are developing best-in-class AI systems.
With over 450 current investors, including high profile standouts Macquarie Bank, R2, Raven, SG Hiscock and Bennelong, BizPay has launched its latest funding round in two phases, first opening up opportunities for existing investors and re-investments.
In phase 2, BizPay will open up opportunities to the broader market, using the funds raised to accelerate and broaden its industry-leading services. With a clear path to profitability, even in a high-interest rate environment, BizPay is achieving significant growth with more than a 10x increase in revenue over the last year.
“The payments ecosystem is accelerating at lightning speed, and we’re excited to tap into this growth in 2022 with our latest funding round,” said David Price, BizPay Global CEO. “By offering a unique and disruptive product to an untapped market, we’ve set up the business for success both locally and globally. With an innovative AI-led approach, supported by a talented team we’re keen to keep delivering outstanding results on our way to IPO.”
Offering a convertible note structure with a 32.5% discount to IPO and a 15% coupon, BizPay has established itself as a leading market disrupter with significant opportunities to scale both locally and abroad. The business is also keen to build its partner network in Australia, working with business leaders to support SMEs across the country.
