August 22nd, 2023

Ignition secures $15 million boost from CIBC Innovation Banking to accelerate growth plans

Funding to aid continued growth trajectory globally for leading professional services platform

Austin, Texas, United States, August 22ndIgnition, the leading all-in-one platform for professional services businesses to get paid faster and run smarter, today announced a new USD$15 million growth capital facility with its existing lending partner CIBC Innovation Banking.

The facility will enable Ignition to accelerate investment in its platform, go-to-market and customer success functions to continue delighting its growing base of nearly 7,000 customers and half a million of their clients around the world.

“We are pleased to expand our relationship with CIBC Innovation Banking through this incremental financing,” said Guy Pearson, CEO of Ignition. “The CIBC Innovation Banking team has demonstrated their understanding of the opportunities, challenges and financing goals of a scaleup during its growth lifecycle. This facility provides Ignition with additional funds to continue to best serve our customers.”

“Ignition’s innovative approach and proven track record make them a stand out player in the market. The team remains committed to delivering unparalleled value to their customers and partners, and we are excited to support their journey ahead,” said Caroline Tkatschow, Executive Director at CIBC Innovation Banking. “The fundraise not only serves as a testament to the company’s current achievements but also as a catalyst for its future success.”  

The funding news comes after the recent launch of Ignition’s instant billing feature which empowers users to bill for ad hoc or out-of-scope work that sits outside the existing client agreement. This new and innovative functionality enables users to get paid through automatic collection without creating a new proposal or client agreement. Instant Bill expands on Ignition's recently released Service Edits feature, which adjusts the scope for existing client engagements, such as changing the price, quantity and billing of agreed services after a client has accepted the proposal. These key platform updates help firms optimize their revenue and payments all from one easy-to-use platform. 

About Ignition

Founded in 2013, Ignition is an all-in-one platform for professional services that empowers businesses to get paid faster, and run smarter. Ignition automates and optimizes proposals, client agreements, billing and payment collection to put an end to late payments, unbilled work and mundane repetitive admin. Ignition also integrates with leading apps such as Gusto, QuickBooks Online, Xero and Zapier to automate workflows and free up valuable time. Nearly 7,000 accounting and professional services businesses globally rely on Ignition to get paid faster for all of their work, run more efficiently, and become more profitable. To date, Ignition has helped facilitate more than 1 million client engagements and over US$2.7 billion in client payments. Ignition has teams in Australia, Canada, New Zealand, the Philippines, South Africa, US and the UK, with around 180 employees globally.


About CIBC Innovation Banking 

CIBC Innovation Banking delivers strategic advice, cash management and funding to innovation companies across North America, the UK, and select European countries at each stage of their business cycle, from start up to IPO and beyond. With offices in Atlanta, Austin, Boston, Chicago, Denver, Durham, London, Menlo Park, Montreal, New York, Reston, Seattle, Toronto and Vancouver, the team has extensive experience and a strong, collaborative approach that extends across CIBC’s commercial banking, private banking, wealth management and capital markets businesses.

Katarina Milicevic,, 416-784-6108