Blue Stamp Company, a Brisbane fund management business set up by former Wilsons stockbroker Luke Trickett, has co-led a $16 million-plus funding round for invoice payment platform start-up Marmalade.
Trickett now leads Marmalade which he co-founded with two former Afterpay executives, David Whiteman and Richard Johnson.
Existing investor Paloma Capital was the other co-lead in the capital raise which was supported by a number of Queensland family offices.
Paloma Capital is the venture fund manager within venture studio business Paloma Group which built out the Marmalade platform.
Marmalade enables small businesses to access most of the value of unpaid invoices when they need cash, rather than covering cashflow shortfalls with debt. The company charges a one-time fee of 3-5% on each invoice cashed out through its platform.
The Marmalade platform integrates with popular cloud accounting platforms Xero, Quickbooks and MYOB.
The concept for Marmalade was the idea of Trickett who had a vision to develop a simpler way for small businesses to access funds represented by unpaid invoices than using them as security for loans. The business was launched in October 2020.
Marmalade plans to use the new capital to build customer growth with a goal to process $1 billion in payments through its platform this year.
Paloma partner Ash Fogelberg is a director of Marmalade.
Paloma Group, which has operations in Auckland, Sydney and Boulder, Colorado, was formerly Dovetail Studios which helped develop Afterpay.
Image: Marmalade chief executive Luke Trickett.