FundThrough Secures $50M Investment to Help Small Businesses Solve Their No. 1 Concern: Cash Flow


Toronto, Canada – FundThrough, a fintech company that helps small businesses optimize cash flow using their outstanding customer invoices, has received a $50 million (C$66mm) investment from Northleaf Capital Partners.

The Northleaf investment expands FundThrough’s funding resources to serve more small businesses in the United States and Canada at a time when governments are scaling back lending programs, large companies are extending payment terms to their smaller suppliers, and traditional financial institutions are tightening credit in the face of the 2020 economic slowdown and threat of renewed lockdowns.

“We are very excited about this opportunity to work with Northleaf Capital Partners to help new and existing clients unlock working capital trapped in their outstanding customer invoices,” said FundThrough Co-Founder and CEO Steven Uster. “This new investment will help small businesses eliminate the wait associated with outstanding customer invoices and boost their cash flow. Together, we are working to level the playing field for small business owners and help them optimize their cash flow.”

The new investment also addresses small business cash flow challenges as government funding programs are coming to an end. As a result, cash flow remains a top concern for companies. Roughly 50% of Canadian small businesses list cash flow as their No. 1 concern, according to the CFIB. Meanwhile, the JPMorgan Cash Institute said at the start of the COVID pandemic that 50% of U.S. small businesses had a cash buffer of fewer than 15 days.

“FundThough’s mission, to help small businesses succeed by enabling them to control their cash flow, has taken on a heightened degree of importance in this challenging market environment,” said Michael Morris, Managing Director at Northleaf. “Northleaf is delighted to partner with FundThrough to support the company’s continued growth. We believe this transaction will create significant benefits for both FundThrough and its customers.” 

Companies can visit to explore their funding options with outstanding customer invoices. They can also link their Quickbooks account to FundThrough’s software and select invoices to fund. 

Stephens Inc. served as exclusive financial advisor to FundThrough in the transaction.

About FundThrough

FundThrough is a leading player in the fintech small business working capital space.

Based in Toronto, the company’s invoice funding platform re-imagines invoicing so that small- and medium-sized businesses can get paid instantly and eliminate “the wait” associated with customer payment terms. For more information, go to

About Northleaf Capital Partners

Northleaf Capital Partners is a global private markets investment firm with US$14 billion in private equity, private credit, and infrastructure commitments under management on behalf of public, corporate, and multi-employer pension plans, endowments, foundations, financial institutions, and family offices. Northleaf’s 150-person team, located in Toronto, Montreal, London, New York, Chicago, Menlo Park, and Melbourne, is focused exclusively on sourcing, evaluating, and managing private market investments globally. Northleaf’s portfolio includes more than 400 active investments in 35 countries, with a focus on mid-market companies and assets. For more information on Northleaf, please visit