Liberty Financial returned to participate a $13.6m series D round for Moula, with the capital going toward the online lender’s technology development and recruitment.
Australia-based business loan provider Moula raised A$20m ($13.6m) yesterday in a series D round featuring financial services firm Liberty Financial.
Wealth management firm Escala Partners led the round, which also included investment firm and existing backer Acorn Capital.
Moula operates an online lending platform for small businesses, providing between $3,400 and $340,000 in unsecured loans with six to 36-month terms. It analyses banking and accounting data to determine the maximum size of a loan and processes applications within 48 hours.
The company has increased its loan book by 124% this year and will use the series D cash to scale up its lending capabilities. Specifically, the money will fund technology development and the hiring of engineers, product managers and sales staff.
Liberty Financial’s chief executive, James Boyle, said: “Moula is now an established lender with strong fundamentals and a leadership team that have moved beyond the breakeven stage. We are pleased to have been with them on the journey and excited about their continued growth.”
The company had secured $22.8m in a 2015 series A round led by Liberty Financial and backed by investment firm NCN Investments and assorted private investors, following a seven-figure Australian dollar amount the previous year. It has not revealed any funding between 2015 and the latest round.
