Qwil, which offers businesses and freelancers a way to be paid early, has reportedly secured $23.4m in equity funding and $200m in debt capital.
The equity line was supplied by venture capital firms PeakSpan, Mosaik Partners, Reciprocal Ventures, Silicon Valley Bank and Cantos, according to a report from Reuters. Other contributions came from angel investors Sam Hodges and Ron Suber.
Jefferies Financial Group were among the companies to supply the debt funding, the article said.
Funding from the round is earmarked for making new hires and growing the lending pipeline of individuals and small businesses.
Qwil is an automated global payments solution which empowers SMEs and freelancers to get quick access to their payments. If a business has payments incoming or are delayed, they can use Qwil to get early access to this via a short-term loan.
Other services provided by Qwil include automated invoicing and channel partnerships which let suppliers dictate when they want to be paid.
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