Since launching in regional NSW in 2002, the Australian fintech start-up, invoice2go, has gone from strength to strength. Now, the App store’s number one invoicing app which creates more than 1 million invoices each month has received another boost to its confidence with a further $15 million in series C funding from investors. Dynamic Business spoke to Invoice2go Founder, Chris Strode, to find out what it takes to become a big player by selling simplicity.
Speaking of the app which allows users to create and send their invoices, Chris said “the app from the very beginning was built to overcome a real problem – the challenge of sending a simple invoice.”
Many small businesses were bogged down by expensive and complicated software programs to send invoices, according to Chris. By “keeping it simple and allowing for a great deal of customisation within the app, Invoice2go appeals to an extremely wide range of businesses,” he said.
Having experienced exponential growth since 2002, Invoice2go now creates $1 billion worth of invoices from 200,000 businesses including tradespeople, creative freelancers, DJs and even dog walkers.
Chris said “the latest round of funding is a vote of confidence from our existing investors, Ribbit Capital and Accel. Ribbit led the round after working with us over the past 14 months, and seeing first hand how we are solving a real business problem shared by businesses everywhere.
“The funding would enable the Australian startup to capitalise on its strong position globally and aggressively widen its footprint in the fintech space with the development of new features to fuel small business growth even further.”
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.”
The funding follows two previous funding rounds which totaled $35 million.
But what has been the real driver of Invoice2go’s success? Perhaps it’s Chris’ ability to maintain a clear vision and understanding of what fintech means.
“Fintech to me is simply bringing the financial software revolution to smaller businesses which traditionally haven’t had the access to technology that larger businesses have.
“While we’ll always stay focused on simplicity, there’s a lot of room to help small businesses even further through easy-to-use technology that’s designed specifically for them.”