Invoice2go, the App Store’s No. 1 mobile invoicing app, today announced the launch of its mobile payments feature, powered by Stripe Connect. Small businesses and freelancers who previously had to wait for cash or checks can now accept credit and debit card payments immediately through Invoice2go, giving their customers more ways to pay and helping them get paid faster.
The new offering is unique in that it brings the entire billing process seamlessly into one app, a game-changer for every U.S. business owner who has spent countless hours manually invoicing, collecting payment, and reconciling their accounts to keep cash flow in order.
Invoice2go has also hit a new milestone, with customers invoicing more than $1 billion per month, positioning the company to make an immediate impact on the more than 200,000 users who already trust the app to send their invoices.
As part of today’s announcement, Invoice2go has raised $15 million in Series C funding. The additional financing enables the company to aggressively widen its footprint in the Fintech space with the development of new features to fuel small business growth even further. The funding follows two previous rounds totaling $35 million, which closed in 2014.
The Series C financing was led by existing investors Ribbit Capital, who specialize in disruptive financial technology companies, and included Accel Partners, who have a track record of building startups into lasting category defining companies.
Micky Malka, founder of Ribbit Capital, said: “Businesses are interacting more and more through Invoice2go and we’ve been thrilled to be a part of it over the last year. We’ve now significantly increased our ownership through the Series C financing to further support what we believe is one of the most exciting financial software companies today.”
Invoice2go is trusted by business owners across all industries, from plumbers to personal trainers and creative freelancers. The app minimizes administrative work, with customers saving three hours per week on average, and helps users get paid seven days faster.
“No longer do America’s smallest business owners need to wait for a check in the mail. The ability to accept credit and debit card in a seamless way levels the playing field. They can meet the demand of their customers in today’s digital age, and improve their cash flow by getting paid faster,” said Invoice2go CEO Greg Waldorf. “There are more than 100 million small businesses around the world and we see opportunity for every one of them to operate more efficiently with simple technology designed specifically for them.”
“We’re thrilled to see Invoice2go begin offering credit and debit card transactions using Stripe Connect,” said Cristina Cordova, head of business development at Stripe. “Invoice2go is at the forefront of mobile invoicing, and today’s integration will make it easier than ever for their small business customers to get paid.”
According to a 2014 report from the Federal Reserve System’s Cash Product Office (CPO) on consumer payment choices, debit and credit card are by far people’s favorite way to make a payment, with 43 percent preferring debit card and 22 percent preferring credit card. Thirty percent prefer to pay with cash, and only three percent prefer checks.
A California-based video production freelancer, who had early access to the feature as part of a beta group, commented: “Now that I’m offering more payment options through Invoice2go, I’ve seen customers pay their invoices in as little as three or four days. This is a big cash flow improvement for me, and a better overall experience for my clients. It also eliminates the challenges I faced with checks, as most people expect 30 day payment terms, then wait 29 days and 23 hours to send the check.”