Timelio, a Melbourne based P2P (peer-to-peer) invoice finance platform, has announced that it has raised a $500k seed round to fund its expansion. Timelio.com.au is an online marketplace that enables businesses access to funds tied up in invoices by connecting them with a network of investors willing to finance those invoices 24 hours a day, 7 days a week.
Timelio co-founder, Charlotte Petris outlined that “one of the main benefits of the Timelio marketplace is that businesses who wish to sell their invoices maintain control by deciding when they want to sell an invoice and can set what finance costs they are willing to incur. Then the network of investors on the Timelio platform bid on the invoices they wish to finance at the marketplace rate”.
The end result is that businesses receive funds within as little as 24 hours at the lowest marketplace cost rather than wait 30 to 90 days plus to be paid thus helping those businesses expand faster to drive greater employment and business activity in the Australian economy.
As Timelio continues to grow and position itself as a leading financial services alternative, the company is engaging with key stakeholders. These include accountants and financial advisers who have business clients which can benefit from their invoices being financed. In addition, clients who are investors can achieve attractive returns on their capital via the Timelio platform whilst helping support the growth aspirations of SME’s (small and medium enterprises) in Australia.
The capital raised will be used to expand the sales and technical teams and continued investment in the platform technology, making it even easier and faster for businesses to access finance.
Since launching in April 2015, the Timelio platform has traded over $3.5 million in invoices. “We are so excited to have the investors join us in the next stage of our growth. We are very privileged to have investors who share our vision, are passionate about fintech and disrupting traditional lending models. The size of the peer-to-peer invoice finance market in Australia is >65B per annum and expanding, with 80% of Timelio’s existing customers having never used invoice finance before”, said Charlotte Petris,
The capital raise also sees Glenn Smith, Director, StartupAUS, and CEO of SpotJobs.com join the Board as Chairman. “There is a significant global market opportunity for peer-to-peer invoice financing. Timelio have achieved proof of concept with a differentiated customer centric platform and highly engaged customers. I am passionate about driving global growth opportunities for businesses through leveraging technology and Timelio is delivering on that objective.”