Cookies - Timelio uses cookies to offer a better browsing experience

AGREE LEARN MORE
×

Timelio hits the $250 million funding mark

Timelio, a Melbourne based fintech, has reached an important milestone of funding $250 million to Australian businesses.

CEO and Timelio founder, Charlotte Petris, said the milestone is confirmation Australian businesses have been looking for funding outside of the traditional finance providers to help them reach their growth ambitions.

“Without exception, each one of our customers tells us how our online marketplace has changed their business for the better,” Ms Petris said. “The additional $250 million in the hands of businesses will stimulate jobs growth and economic expansion.”

“It’s a combination of the simplicity of our technology and the speed we offer that has impacted their business so positively.”

Ms Petris said they have created an online marketplace that provides businesses with access to cash flow by connecting them with a network of investors who advance funding on their outstanding invoices.

“Business are not locked into a contract which means they can pick and choose the invoices they want to upload for early payment and investors can select which invoices they’d like to fund.”

“It’s a win-win for both Australian businesses and investors, by providing certainty and control over cash flow.”

Ms Petris said, since launching three years ago, they have achieved significant growth, expanding their products to include supply chain finance for customers with large supply chains, trade finance and export finance.

“Our supply chain finance offering has been well received. Australia lags behind the world when it comes to optimising working capital and this has enabled us to offer thousands of businesses access to our funding marketplace to receive early payment on their invoices.”

“Offering trade and export funding options means a business owner does not have to panic when they win a new contract or have overseas customers. In many cases the order can take months or years to come together, but once it’s through, their customer expects the goods or services quickly, often with little lead time.”

“Suddenly the business panics wondering how they are going to fund the order and that’s when we step in to help.”

Ms Petris said one customer who had benefitted from their export finance was Hegs, the company who has created Hegs Pegs.

Hegs is a South Australian company started by entrepreneur Scott Boocock after a lightbulb moment years ago when he was hanging the washing out on the line. He’s now the company Managing Director and has expanded their reach internationally to retail stores in England, Scotland and Ireland.

Scott Boocock said the business would have struggled with their expansion if they had used a bank loan to finance their purchase orders.

“If we’d been relying on banks to fund us quickly, it just wouldn’t have happened and that’s where Timelio has stepped in,” Mr Boocock said.

“Whether it is $10,000 or $100,000 we submit it to Timelio and they process it within 24 hours.

It has been a game changer for us. It’s disruption and it’s terrific because as an Australian business, we now have opportunities to compete on the world stage.”

Ends…

 

About Timelio

Timelio’s online marketplace for invoice finance, brings together growing businesses directly with a network of investors who compete to fund their invoices.

Timelio launched in April 2015 founded by husband and wife team Charlotte and Andrew Petris

Timelio allows businesses to access the cash tied up in outstanding invoices, without waiting 30-90 plus days for payment.

Market opportunity in Australia for invoice finance is >$65 billion per annum.

$5.5 million of equity funding has been raised from prominent family offices, including Alex Waislitz’s Thorney Investments and Anthony Thomson, founder of Atom and Metro Bank.

 

About Hegs Australia

Hegs Australia has established itself as an innovator in home and lifestyle products.

Hegs Australia has won several awards including the 2015 SA Telstra start up and business of the year, the international GOOD DESIGN AWARD and an award from the Design institute of Australia.

The HEG is 100% Australian made. Both designed and manufactured in South Australia.

Send this to a friend

Bitnami