On Friday, Melbourne fintech startup Timelio announced it had raised $5 million in funding from investors including Thorney Investment Group, former ANZ board director John Dahlsen, and other family offices and high net worth individuals.
The funding came as the startup announced it had traded over $40 million in invoices and is growing at 30 percent per month.
According to the company, the fresh capital will go towards expanding the Timelio team, with the executive, sales, and marketing teams in particular to get a boost.
Charlotte Petris, cofounder and CEO of Timelio, “We’re really excited to have our investors join us in the next stage of growth. They have a wealth of experience and knowledge, share our vision, are passionate about fintech and disrupting traditional lending models.”
Timelio also announced the launch of the Timelio Capital Fund through additional seed funding from Thorney Investment Group, to operate as a unit trust, the Fund will offer sophisticated, professional, and sophisticated investors access to the steadily growing invoice financing space.
“The fund allows investors access to a new fixed income asset that provides attractive risk adjusted returns. Investors can gain passive exposure to the growth of Australian SMEs through a diversified portfolio of discounted invoices,” Petris said.
Founded as InvoiceBid by Petris and husband Andrew in 2014 and launched early last year, the peer-to-peer platform looks to help businesses with cash flow by allowing them have their invoices funded by investors who bid on each invoice.
Through this, businesses are immediately given access to working capital, instead of waiting a month or more for their invoice to be paid by a debtor. Invoices must be valued at a minimum of $10,000.
The $5 million raise comes a year after the startup’s last capital injection; Timelio raised $500,000 in seed funding last October and added SpotJobs.com CEO Glenn Smith to its board.