Timelio to hit milestone of $100m funding book, acquires Bendigo and Adelaide Bank’s Invoice Finance business
Melbourne fintech company Timelio have announced an agreement with Bendigo and Adelaide Bank to acquire the Bank’s Invoice Finance business and enter an exclusive referral partnership agreement for invoice finance opportunities over the next three years.
This acquisition brings Timelio’s funding book to $100 million.
The agreement is off the back of Timelio’s $270M warehouse funding agreement with Goldman Sachs, announced in October 2021.
Timelio provides innovative working capital solutions to Australian businesses to improve cash flow by funding against invoices and purchase orders enabling businesses to get paid immediately, without waiting 30, 60 or 90 days for their customers to pay.
As an industry specialist, Timelio is well placed to enable business growth for Bendigo and Adelaide Bank customers offering specialised expertise along with flexible, faster and more effective working capital solutions.
From 1 March 2022, existing customers of Bendigo and Adelaide Bank will move onto Timelio’s platform for invoice finance requirements, while the Bank will continue providing all other banking services. With access to Timelio’s market leading online platform, customers will access unique benefits, including same day funding, a simple fee structure and, importantly, a dedicated specialist support team of qualified accountants.
This acquisition, combined with the $270 million warehouse debt facility led by Goldman Sachs, gives Timelio a great platform to further accelerate growth.
Timelio Founder and CEO, Charlotte Petris said: “The agreement will double the size of our business to $100 million in funding and enables both Timelio and Bendigo and Adelaide Bank to leverage our respective strengths to enhance outcomes for customers. We are excited about the exceptional growth momentum of our business over the past 12 months. We have experienced 150 per cent increase in our funding volume over that time, including an 80% increase since the Goldman Sachs funding was initiated in October.”
Bendigo and Adelaide Bank Head of Specialist Solutions, Brian Buckle said: “Timelio’s strong technical solution, expert industry knowledge and customer-focused culture make it an ideal partner for Bendigo and Adelaide Bank. Our agreement is part of a strategic move that aligns with our commitment to simplify our business, reduces complexity and demonstrates our shared commitment with Timelio to ensure that our valued customers are well supported to achieve their financial goals.”