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Timelio secures $50m monthly supplier financing deal with Icon Co

Melbourne-based fintech Timelio, has announced an agreement to offer $50 million funding per month to suppliers in the building and construction industry.

Timelio Co-founder and CEO Charlotte Petris said the deal with one of Australia’s leading commercial builders, Icon Co, will see hundreds of suppliers offered early payment on their invoices.

“We’re very excited to have made this agreement with Icon, as this signals a significant impact to the growth of hundreds more Australian businesses,” Ms Petris said.

“The strong take-up and interest from Icon’s suppliers so far is a good sign for the future of the product offer and the additional cash in the hands of suppliers will stimulate jobs growth and economic expansion.”

Ms Petris said by working directly with large corporates to provide early payment to their suppliers, Timelio pushes into a new area previously occupied by only the largest corporate banks.

“We are streamlining financial systems and making funding the supply chain more efficient. Our technology closes the loop between procurement and accounts payable and provides a structure that ensure their processes are efficient,” she said.

“Icon takes pride in being a good payer within the industry, but this cements their desire to continue to support and strengthen their supply chain.”

Ms Petris said Timelio’s Supply Chain Finance product uses Timelio’s proprietary technology platform which means transactions can be conducted quickly and seamlessly.

“Icon’s suppliers can benefit substantially by receiving payment quickly. It creates certainty because it simply takes a couple of clicks and the funds can be in their bank account the next day,” she said.

“They have complete control and transparency over their invoices, knowing which invoices have been approved for payment, and full flexibility on choosing if early payment is required for each individual invoice.

“Icon simply pays the invoices according to their accounts payable process and on their agreed payment terms and Timelio arranges investors to fund the early payment to suppliers.”

Since launching two years ago, the Timelio platform has achieved significant growth trading over $150 million in invoices and growing at 50% per quarter.

“This is a natural next step in our growth as we know how notoriously difficult it is to access finance in the construction industry. This is just one of many deals we have in the pipeline, across a number of sectors.”

Ends…

 

About Timelio

Timelio is challenging traditional corporate banking by offering an Australian online marketplace for invoice and supply chain finance, bringing together growing businesses directly with a network of investors who fund their invoices. This model unlocks significant opportunities for investors seeking returns on a fixed income product typically only available to corporate banks.

Launched in 2015, Timelio have funded $100 million in invoices in their first two years. $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.

Timelio’s products fund the entire supply chain, with incredible flexibility and simple onboarding, drawing down unpaid invoices at any time before payment is due. Suppliers also have the benefit of leveraging their buyer’s corporate credit rating to get a lower cost of funding.

 

About Icon Co

Icon Co is an Australian developer and construction company established over 20 years ago. With more than $3 billion in work completed, Icon has created an enviable reputation for delivering quality projects in residential, healthcare, commercial, retail and defence.

Employing over 400 people in Melbourne, Sydney and Brisbane, Icon enjoys full Australian management while benefitting from the financial strength, security and support of the leading Japanese construction firm Kajima Corporation.

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