{"id":40738,"date":"2023-10-20T15:09:43","date_gmt":"2023-10-20T15:09:43","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/global-startup-trurating-raises-16-5-million-as-it-looks-to-grow-its-australian-operations-startupsmart\/"},"modified":"2023-10-20T15:09:43","modified_gmt":"2023-10-20T15:09:43","slug":"global-startup-trurating-raises-16-5-million-as-it-looks-to-grow-its-australian-operations-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/global-startup-trurating-raises-16-5-million-as-it-looks-to-grow-its-australian-operations-startupsmart\/","title":{"rendered":"Global startup truRating raises $16.5 million as it looks to grow its Australian operations – StartupSmart"},"content":{"rendered":"
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UK-based fintech startup truRating has closed a $16.5 million (\u00a39.5\u00a0<\/span>million GBP) Series A funding round as it looks to rapidly expand its operations across Australia.<\/p>\n

The point-of-payment ratings system officially launched in Australia in February<\/a>, allowing customers to quickly rate a business in terms of experience, service, value, atmosphere or product when paying.<\/p>\n

The funding round was led by investment office Sandaire and truRating founder and CEO Georgina Neslon says the capital injection will be used to expand the company\u2019s existing operations in the UK and Australia and to launch in the US and Canada.<\/p>\n

\u201cIt\u2019s around growth and investment in people and the product,\u201d Nelson tells StartupSmart<\/em>.<\/p>\n

\u201cWe\u2019ll be investing in the product so it\u2019s world-class for tier ones and for those mum and pops. There\u2019ll be a big growth curve as we build out the teams and we\u2019ll be getting into other markets as well.\u201d<\/p>\n

Australia a key region<\/h3>\n

Nelson says truRating\u2019s global operations work as a cohesive whole, but Australia will be a key focus with the new round of funding.<\/p>\n

\u201cWe really operate as a global company and Australia seeds into all those product enhancements,\u201d she says.<\/p>\n

\u201cWe\u2019ll be growing the expertise of the teams. We don\u2019t have x amounts here and x amounts there \u2013 it\u2019s a pool for the growth trajectory of the company and will be deployed as needed across the markets.\u201d<\/p>\n

TruRating launched a pilot program in Australia in August last year and launched officially in February. Nelson says the service has enjoyed rapidly growth across the last six months and has brought on board a number of strong partners.<\/p>\n

\u201cIt has been really fantastic \u2013 we\u2019re in every territory apart from Tasmania and the Northern Territory,\u201d she says.<\/p>\n

\u201cWe\u2019ve really been trying to build the case studies over the last few months. A huge number of brands have committed to pilots in Australia and in the next few months we\u2019ll be bringing them on board.\u201d<\/p>\n

The fintech buzz<\/h3>\n

The latest round brings the total amount of investment in truRating to $23.8 million, and Nelson says that every fundraising process is easy than the last.<\/p>\n

\u201cYou know a lot more about the market, the type of investor you\u2019re looking for and the type that will be a good fit for your company,\u201d she says.<\/p>\n

\u201cYou\u2019ve got a lot more proof points as well. It does get easier but it\u2019s quite a learning curve.<\/p>\n

\u201cEvery business will go through great successes and problems and humps along the way. It\u2019s always really important that I have investors that believe in the vision and that we are going to get there.\u201d<\/p>\n

She says the Australian fintech sector is enjoying a period of rapid growth and development.<\/p>\n

\u201cThere\u2019s really a buzz in Australia,\u201d Nelson says.<\/p>\n

\u201cThe government has been investing in the space and just from the conversations we\u2019re having with our partners there you can really tell that everyone is really excited about the innovation which is happening in the sector.<\/p>\n

\u201cIn Australia everyone is open and excited, there\u2019s a buzz about it.\u201d<\/p>\n

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UK-based fintech startup truRating has closed a $16.5 million (\u00a39.5\u00a0million GBP) Series A funding round as it looks to rapidly<\/p>\n","protected":false},"author":2,"featured_media":61103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40738"}],"collection":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/comments?post=40738"}],"version-history":[{"count":0,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/posts\/40738\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media\/61103"}],"wp:attachment":[{"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/media?parent=40738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/categories?post=40738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.startupsmart.com.au\/wp-json\/wp\/v2\/tags?post=40738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}