As the internet has grown so to have the opportunities to develop new business models, which has led to an explosion in online marketplaces and platform businesses. Those businesses require a new kind of financial services to underpin them and Australia’s PromisePay aims to serve that market.
The firm has just picked up $10m in new funding led by Carsales.
Founded in Melbourne, the firm is headed up by Simon Lee who previously worked at financial institutions including AXA, EBS, Skandia and National Australia Bank. Meanwhile, its CTO is Simon Kones, previously at Telstra, Ericsson, NEC, Fujitsu and GKN Aerospace.
The firm also has offices in San Francisco and was previously backed by Cultivation Capital in the US, as well as Reinventure and rampersand in Australia and Kima Ventures in France. Reinventure and rampersand also participated in this latest round.
The funding round totalled $61m, and will used to finance the company's global expansion plans.
Monzo also revealed its latest funding round last week.
A further £2.5m is expected to be raised from crowdfunding on Tuesday.
Funding Circle has perhaps started 2017 in a better way than most. The London-based lending platform that connects small businesses with investors has raised $100m (£82m) in equity investment.