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The professional services software specialist will develop its platform to make the most of runaway growth in North America.
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Ignition secures $US15m loan facility to speed US expansion
25 August 2023
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Ignition has secured an additional $US15 million loan facility with its existing partner CIBC Innovation Banking to fund expansion in the US.
The professional services software developer said it would allow it to speed up investment in its platform and increase its customer base from the current 7,000 users worldwide.
Ignition CEO Guy Pearson said the “incremental financing” was built on an established relationship with the Canadian banking giant.
“The CIBC Innovation Banking team has demonstrated their understanding of the opportunities, challenges and financing goals of a scaleup during its growth lifecycle,” he said.
“This facility provides Ignition with additional funds to continue to best serve our customers.”
CIBC Innovation Banking executive director Caroline Tkatschow praised the Australian start-up, which recently celebrated its 10th anniversary.
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“Ignition’s innovative approach and proven track record make them a stand out player in the market. The team remains committed to delivering unparalleled value to their customers and partners, and we are excited to support their journey ahead,” she said
“The fund raise not only serves as a testament to the company’s current achievements but also as a catalyst for its future success.”
In a recent interview for Accountants Daily sister publication Accounting Times, Mr Pearson said Ignition was focusing its long-term growth plans on the US, which would soon outstrip Australia as its most important market.
“It’s our largest revenue region and it’s growing the fastest, has the most efficient unit economics, and we've got the biggest partnerships with Intuit, Gusto, Xero,” Mr Pearson said.
“The Americas are growing 30 per cent faster month over month than Australia. The market is 10 times as large, just cottoning on to what we’re doing.”
The US growth came in the wake of COVID-19, which accelerated a trend away from cheques towards digital processing.
In a recent upgrade, Ignition released an instant billing feature that allows users to bill for ad hoc or out-of-scope work that sits outside the existing client agreement.
Founded in 2013, Ignition’s professional services software automates proposals, client agreements, billing and payment collection. It has about 180 staff across offices in Australia, Canada, New Zealand, the Philippines, South Africa, the US and the UK.
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