Timelio, an Australian P2P invoice marketplace has announced a $500,000 seed capital raising.
The marketplace allows businesses who have accounts receivable to sell them on to investors.
Businesses who find themselves with cash-flow mismatches, or who need the funds to expand, can cash out their invoices instead of waiting for payment. Investors bid against each other for the invoices available, setting a price for the market.
The company claims to have fostered $3.5 million in trades since their April launch, through 100 invoices.
“The size of the peer-to-peer invoice finance market in Australia is greater than $65 billion per annum and expanding, with 80% of Timelio’s existing customers having never used invoice finance before,” says Timelio co-founder Charlotte Petris.
Timelio intends to use the capital to expand sales and technical teams, and invest in the platform.
Glenn Smith, director of StartupAUS and CEO of Spotjobs.com joined Timelio’s board as chairman.
Originally published by Business Insider Australia