Ignition and Stripe Capital have widened their existing collaboration to make more than $150m (A$217.62m) in growth financing available to accounting and bookkeeping practices in the US and Australia.
Under the expanded arrangement, eligible businesses can seek funding of between $2,000 and $150,000 to support initiatives such as adopting AI tools, recruiting staff and upgrading digital systems.
The offer, delivered via Stripe Capital, is positioned as a quicker, more straightforward option than conventional business loans.
Eligibility is assessed using practices’ business performance and payment history, a model intended to cut down on both paperwork and approval times.
The funding is available to Ignition customers with supported ledger integrations, with the aim of linking billing, payments, accounting workflows and access to capital.
Ignition Payments vice-president Greg Hatcher said: “Over the last several years, Ignition has helped firms solve one of their biggest operational challenges: getting on-time payments through automated billing.
“Firms are looking to invest in AI, modernise their operations, attract top talent and build more scalable businesses.
“Expanding capital across the US and Australia gives firms another powerful tool to help turn those growth ambitions into reality.”
According to the companies, reported advantages of the programme include rapid access to funds, integrated user experience, flexibility geared towards growth investments and a simplified qualification process.
Financing is offered to qualifying Ignition users in the US and Australia, subject to approval, and is issued through Stripe Capital.
Stripe Capital Product lead Amit Sagiv said: “We hear consistently from our SMB [small and medium business] customers that access to financing is a primary obstacle to growth.
“By partnering with Ignition, we are making it easier for eligible firms to access financing based on their business performance and put that capital to work where it matters most – whether that is expanding their teams or scaling their operations.”
“Ignition, Stripe Capital to extend financing to accounting practices” was originally created and published by International Accounting Bulletin, a GlobalData owned brand.