Timelio announces up to $270 million funding facility to support the next phase of customer led growth
Timelio, a Melbourne-based tech company that provides innovative working capital solutions, has established a warehouse funding facility of up to $270 million, led by Goldman Sachs as the senior lender, to further support the rapid growth of the business. The new facility follows an exceptional period of expansion for Timelio and includes the participation of original investors in the Timelio Capital fund.
In an innovative progression from a marketplace funding model, Timelio has also successfully transitioned long term marketplace investors, to offer them a position in the warehouse facility, which has been oversubscribed.
The debt facility also lowers Timelio’s funding costs and that enables Timelio to further help businesses that need cash flow.
Since inception in 2015, Timelio has provided $1.5 billion in timely funding to its customers and improved the financial wellbeing of Australian business owners by using invoices or purchase orders as security to access fast, flexible funding. Over the past three years, Timelio’s funding to its customers has grown by 300 per cent, while the average loan size is now $1 million, up from $250,000.
The impact of Covid has seen a sharp increase in demand by Australian businesses for the innovative working capital solutions Timelio offers. The Company has acquired twice as many customers each month than before the pandemic and in the past six months alone, has seen engagement with the highest number of customers since the business began.
Timelio Co-Founder and CEO, Charlotte Petris said, “This funding facility forms a key pillar to support our continued exponential growth and enables us to expand product funding where we have the strongest growth opportunities, particularly in funding overseas transactions and trade finance.”
‘’I am pleased that the unique structure of our facility has also allowed us to bring in our valued long-term investors, many of whom have been part of Timelio’s journey for over 6 years. As we scale the business, the support of Goldman Sachs as senior lender as well as the backing of our other investors will strengthen Timelio’s position as an innovative alternative to traditional financiers, and a dynamic player in the Australian financial services industry,” said Petris.
Founder and Executive Chairman of the Thorney Investment Group Alex Waislitz said, “Thorney has been invested in Timelio since its beginnings and we continue to support the company. We believe in the company’s business model and its product offering in what is a fast-growing segment of the finance industry. We also have a high regard for the founders and management team. Timelio is ideally placed to grow further as the economy comes out of Covid lockdowns and this new funding facility will help the company scale quickly and satisfy the strong demand they are experiencing.”
