Toronto fintech company FundThrough is acquiring Ampla, a U.S.-based company. Additionally, FundThrough secured $25 million in Series B funding.
FundThrough is an invoice factoring platform for small- and medium-sized businesses. The platform syncs with various popular accounting software, including Quickbooks and Xero, and lets users upload invoices to be funded after the platform verifies them. On the backend, FundThrough connects with the original customer to secure the funds. According to the company, invoice factoring helps businesses operate based on cash flow without increasing liabilities.
With the acquisition of Ampla, FundThrough will gain new fintech solutions, including business banking, corporate cards, analytics and bill pay capabilities.
“Business owners have increasingly been forced to act like banks for their much larger customers who extend invoice payment terms beyond reasonable lengths. They need a seamless way to bridge the cash flow gap, and FundThrough provides a tech-enabled financial solution,” said Steven Uster, FundThrough’s CEO, in a statement. “... With Ampla, we can scale faster, enhance our credit underwriting and monitoring processes, and help even more businesses solve their number one pain point, cash flow.”
Meanwhile, the new funding will allow the company to initiate “aggressive” expansion plans involving more acquisitions and further investments in AI and UX.
Klister Credit Corp, an early investor in Shopify and FundThrough, led the company’s Series B raise.
