Timelio, a Melbourne based fintech company, has announced that $100 million of invoices has been funded on the Timelio platform since launch, just over 2 years ago. Timelio has achieved its best ever quarter and a record-breaking month for invoice funding, experiencing growth in Q2 2017 of 50% on Q1 2017. The company is expecting to fund $200 million in the next 12 months.
“The growth has been fantastic and we are extremely pleased with the high take-up and strong interest from SMEs. Ultimately this means we have made a significant impact to the growth of hundreds of Australian businesses”, says Charlotte Petris, co-founder and CEO. “The additional $100 million in the hands of SMEs will stimulate jobs growth and economic expansion”.
“Our growth has been driven by the wide-ranging appeal for our technology driven service and the need for businesses to access working capital more efficiently. Our customers range from early stage businesses through to established ASX listed companies. In particular, the growth of our export finance service has seen us fund invoices from across Asia, New Zealand, UK, US and Africa” she said.
Timelio launched the Timelio Capital Fund earlier this year to support the growth in demand for funding on the platform. The fund has seen annualised net returns of 7.3% since launch. “The fund provides investors, such as SMSF trustees and fund managers, with a new, uncorrelated asset class” says Charlotte. “It has attracted both domestic and international investors looking for income returns above traditional low yielding fixed income and term deposits.”
“We’re continuing to expand the team and are currently hiring across the business. We were so pleased to win the award for Best Workplace Diversity recently at the FinTech Australia awards, which really supports our aim to make Timelio a great place to work.”