Invoice payments platform Marmalade raises $16 million

Invoice payments platform Marmalade has raised $16 million in its latest funding round led by Blue Stamp Company.

Marmalade Co-founder and CEO, Luke Trickett

Other participants in the raise included existing investors Paloma Capital along with a number of family offices.

This latest round of funding brings the total raised by the startup within the past four years to over $32 million.

Marmalade has set plans to reach a target of one billion dollars of payment volume through the platform in 2024. 

The capital raise will fund the Australian companies’ new customer growth and product development and fast-track its growth plans.

The company aims to solve cash flow issues for Australian small businesses mostly as a result of late and non-payment of invoices with net terms.

Through the platform, small businesses can pay invoices on-demand and supports one-click integration with cloud accounting platforms Xero, QuickBooks and MYOB.

This integration enables invoices to be pulled into the Marmalade platform and can be cashed in for a one-off fee.

Luke Trickett, Cofounder and CEO at Marmalade said, “SMBs are the lifeblood of the Australian economy with entrepreneurs and leaders taking incredible risks to build a business that grows.”

“Often frustrated by the limited support of traditional banking products, our customers are looking for new, innovative ways of managing their working capital and seeking a flexible, debt free alternative that puts their business growth back in their own hands, not the bank’s.

“It’s been exciting to see the continued diversification of our customer base to now also appeal to the mid-market, across various industries,” Trickett said.

Trickett told Digital Nation that while the business recognises “that cash flow problems created by late and non-payment of invoices are a big problem that also plagues SMBs in other geographies, we are currently focused on growing this service in Australia.”

“To us, that means broadening the product to support our customers in ways that we can’t offer today, but which are still relevant to the payment of an invoice, as well as being able to service new segments of the market.

“This requires investment into our team, so that we may build a product that can provide the most seamless user experience to as much of the market as possible,” Trickett said.