Invoice2go, a mobile invoicing app has raised $15 million in Series C round of funding led by Ribbit Capital along with Accel Partners.
Founded in 2002, Invoice2go is an Australian mobile app that helps small-scale businesses manage cash flow through easy-to-use invoicing, expense tracking and simple reporting tools. The app reduces administrative work, with customers saving three hours per week on average, and helps users get paid seven days faster. Small businesses and freelancers who previously have to wait for cash or checks can now receive credit and debit card payments quicker through the app. Available in various European languages, the app is now App Store’s #1 mobile invoicing app and is trusted by 200,000+ customers worldwide to send over $1 billion in invoicing every month.
“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,” said Invoice2go CEO Greg Waldorf. “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.”
With the fresh funds, Invoice2go plans to expand its footprint in the Fintech space with the development of new features to stimulate small business growth even further. With the previous funds, the company’s total fund raises to $50 million.
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.”
“We’re thrilled to see Invoice2go begin offering credit and debit card transactions using Stripe Connect,” said Cristina Cordova, Head of Business Development at Stripe. “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.”
These days all the new startups is in need of office management software and many payment players are racing to fill the gap. Invoicing is almost the only need for small business owners which is why its only offered as a feature in most small business packages. There are many big players in the market waiting to get the attention of the merchants while Invoice2go is playing hard and smart to stay relevant. Now the company processes $1 billion worth of invoices on a monthly basis and strongly believes it is in a good position to compete.