Australia’s bourgeoning alternative lending scene saw new investment Friday (Dec. 2) when reports emerged that Timelio raised more than $3.7 million (A$5 million).
The small business lending startup secured the funding from Thorney Investment Group in the form of equity investment sometime last month, reports said. Former ANZ Bank Board Director John Dahlsen also participated in the investment. Reports noted that Dahlsen has criticized traditional Australian banks in the past, citing a lack of innovation.
Timelio said it will use the investment to grow its team focusing on sales, marketing and leadership roles. It will also continue to develop its underlying technology.
“Increasing the awareness of new financing options for consumers and SMEs will help businesses across Australia take advantage of new opportunities for growth and create new jobs,” stated Timelio CEO Charlotte Petris in a statement. “Access to finance for businesses is proven to increase turnover, employment and profitability.”
The executive added that 30 percent of small businesses say they have missed opportunities to grow because they cannot access capital.
“Every business that does not receive the funding they need is not increasing productivity, is not bringing on new employees and this has a knock-on effect throughout the economy,” Petris said. “Availability of appropriate finance is essential to ensure that businesses can achieve their potential and contribute to Australia’s economic future.”
Originally published by PYMNTS