News & Analysis

Invoice2go launches mobile payments feature as it enters new growth phase

- April 12, 2016 2 MIN READ

Today Australian fintech startup Invoice2go launches new mobile payments feature as it enters into a new growth phase. The new feature will help Australian business owners across all industries receive payments faster.

Invoice2go allows small business to send invoices immediately after finishing a job, and with the new feature those payments can take place through debit and credit card transactions, to replace the use of EFTPOS terminals. The feature is an app based platform powered by Stripe Connect and allows users to get paid eight days faster than other traditional payment systems.

“What’s unique about the feature is that it brings the entire billing process into one app, a game-changer for every Australian business owner who spends hours manually invoicing, collecting payment, and reconciling their accounts,” says Chris Strode, founder of Invoice2go.

Normally businesses would have to go through paperwork and sort out deals with the big banks to attain a merchant account. But with Invoice2go access to credit accounts and payments is made simple and handled over the app. The invoice is also sent with a payment option so customers can pay straight away online.

The announcement of the new mobile feature follows a recent funding round of $15 million, led by Silicon Valley firm, Ribbit Capital. The raise has enabled Invoice2go to widen its traction in the global fintech space. The total investment for the startup comes to US$50 million.

Strode says the latest round of funding will allow the startup to leverage its global position. He hopes the new mobile payment feature will attract even more small businesses and enable those businesses to experience growth and increase their customer satisfaction.

“We’ve always kept a keen eye on solving real life challenges shared by business owners around the world, and we take great pride in making world-class software accessible for everyone,” says Strode.

“The funding we’ve raised will help us serve our customers in new ways, as we continue to bring the fintech revolution to every type of small business owner who wants a simpler way to get paid, from tradespeople and service professionals to creative freelancers,” he says.

The startup was founded in 2002, where Strode worked on the platform as part of his side job. Having a plumber, carpenter and bricklayer for brothers, Strode knew the struggle small businesses faced with cash flow and getting paid.

Today his side job has transformed into a highly viable global business. “We’ve gone from one employee, which was myself to over 100 in the last five years,” says Strode.

The app is responsible for helping over 30,000 businesses in Australia get paid faster. Each month $200 million worth of invoices are generated by Invoice2go in Australia, and $1 billion per month globally. This makes the startup the leading invoicing app on the App Store. Invoice2go is also now available in 11 different languages.

As part of the startups scale up, a new development team has been announced to help build upon its solid foundations. Strode has appointed former Atlassian product leader Joe Nalewabau as VP of product to drive forward the company’s product development strategy.

“We’ve grown at an incredibly fast pace this past year and I’m really proud of the fact that despite our speed, we’ve been able to grow in a sustainable, thoughtful way. Joe is the latest piece of a new era of leadership for us, and part of the core team that will bring innovation to our customers in all new ways,” said Strode.

Image: Chris Strode. Source: Supplied