Australian FinTech company Timelio has received a $270m in a debt facility supplied by Goldman Sachs and other unnamed investors.
This credit facility will help the company continue its expansion efforts. It also claims the facility will lower Timelio’s funding costs and will help it provide more cash flow to businesses.
Since its inception in 2015, the FinTech company has provided $1.5bn in loans to its customers, helping businesses improve their cashflow. In the past three years, funding to customers has increased by 300%, with the average loan going from $250,000 to $1m.
The Covid-19 pandemic has been a driver of this growth. Timelio claims it managed to acquire twice as many customers each month compared to before the pandemic.
Timelio provides businesses with access to cash flow, enabling their invoices to be paid without needing to wait the typical 30, 60 or 90 days for a payment.
Timelio co-founder and CEO, Charlotte Petris said, ‘’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 six 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.”
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