Australian fintech Grapple secures $35m in funding
Australian fintech and SME financier Grapple has landed $35 million in a warehouse debt facility from Sydney-based financier Global Credit Investments (GCI).
Grapple secures $35m
The funding will enable Grapple to continue scaling and maintain its current growth trajectory, it says.
Founded in 2018 and based in Sydney, Grapple is a non-bank business funding provider offering financing and B2B payment solutions to ease cashflow for SMEs. It claims to have processed more than 100,000 invoices to the value of $75 million for over 1,500 Australian SMEs to date.
Grapple’s founder and CEO, Stephen Dawson, says the company has experienced a “breakout year” as businesses seek alternative financing solutions from non–bank lenders.
“The current conditions, with falling property prices and rising interest rates, are making it harder for SMEs to secure business funding from banks and large financiers,” Dawson says.
“Invoice financing is an increasingly attractive option to businesses looking to improve cashflow, increase working capital and accelerate their growth. We expect the influx of new customers to continue over the next 18 months,” he adds.
Grapple estimates a $200 billion shortfall in the capital requirements of SMEs in Australia, adding that its lendtech platform provides a rolling line of credit that a business can access as and when required.
The start-up says the funding will be used to accommodate “surging demand and take-up” of it solutions.
