Shift, a Sydney-based company, helps small and medium-sized businesses (SMEs) in Australia handle money, conduct transactions, and accept payments by offering credit and payment solutions.

The firm states that it has assisted over 25,000 SMEs since its founding in 2014.

According to Jamie Osborn, CEO of Shift, the company plans to "support far more Australian businesses by developing products and features that provide more value to a segment of the market that has been underserved by the incumbents for far too long" with the help of the most recent funding round.

To "deliver better credit decisions and a vastly improved customer experience for Australian businesses and our network of commercial brokers," Shift also plans to increase its investment in its in-house data models and systems, according to Osborn.

The new fundraising round of the company, in which a number of anonymous current investors participated, supplements Shift's $18 million (AUD 27 million) Series C round, which was also headed by Peak XV Partners.

In addition, the Series D comes after an Asset Backed Securitization (ABS) of $230 million was completed in May.