Toronto bases invoice funding platform FundThrough has raised $24.3m in a second round of funding. As part of the transaction, FundThrough will receive $4.3m of equity and access to an additional $20m in loan capital. The round was led by ScaleUP Ventures with participation from Hedgewood, Klister Credit Corp. and OnWave Ventures.
The company intends to use the funds to support its expansion plans. Led by Steven Uster, co-founder and CEO, FundThrough provides a technology platform that enables business owners to eliminate the wait associated with invoice payment terms by funding outstanding invoices almost instantly. The fintech platform connects to business owners’ accounting software and bank information to automatically assign a funding limit in a few hours. Once connected, funds arrive in the business owner’s bank account within 24 hours.