FundThrough Reaches Milestone, Appoints VP of Marketing as Part of New Growth Strategy

FundThrough, an invoice funding platform for small and growing businesses, has reached a milestone of funding more than $30 million in client invoices since launching in 2014.

FundThrough says that it has seen 10 times its new business growth in the past 12 months. The company’s offering enables customers on its platform to get their outstanding invoices paid in as little as 24 hours with a click of a button.

More than 85 per cent of FundThrough customers are repeat funders, the Canadian company says, with each customer already funding invoices on average, 23 times after initial sign-up. FundThrough can be used equally by companies that sell goods or services with 60 per cent of today’s volume coming from service-based businesses and 40 per cent from those selling goods.

“The real value of FundThrough is that we are eliminating payment terms, so businesses that have worked really hard to deliver a good or service no longer have to wait to get paid,” said Steven Uster, a cofounder.  “FundThrough allows small and growing businesses to offer great terms to its own customers but now puts control of when they actually receive those payments back into their own hands.”

As part of FundThrough’s growth strategy, Mitch Solway was recently appointed to the newly-created role of vice president of marketing. 

FundThrough, a technology-driven online lending platform that changes the way businesses access financing, officially launched today.

According to today’s launch announcement, FundThrough is the first marketplace platform that offers lines of credit to growing businesses in Canada.

FundThrough has raised $2.2 million in financing from a group of investors led by Real Ventures and including Origin Merchant Partners, Five Elements Ventures, Barlow Lane Holdings, Jim Case and Peter Carrescia.

The funds will be used to scale the platform in order to service more growing businesses.

“For a long time Canadian business owners have relied on big banks for financing, and often have not had attractive alternatives if they were turned down or could not wait,” said Steven Uster, Co-Founder and CEO of FundThrough.

“FundThrough uses technology to provide an alternative to traditional lending sources, giving small- and medium-sized business owners access to a more convenient way of borrowing, enabling them to unlock the growth potential of their business.”

FundThrough was co-founded by Steven Uster, Graham McBride and Deepak Ramachandran and they’re currently hiring in Toronto.