Several developments are being experienced in the peer-to-peer lending industry in Australia, and many platforms are coming up with new strategies to remain relevant and competitive in the industry. One of the latest developments is the transformation of InvoiceBid – an invoice trading site that supports businesses in raising short-term funds by trading off their unpaid invoices to investors.
This name reflects the firm’s benefit of “investing today and growing tomorrow.”
One of the major changes that InvoiceBid has made is its rebranding into Timelio. This name reflects the firm’s benefit of “investing today and growing tomorrow.” The firm has also closed a $500,000 seed round that will be used to finance its expansion plan. The capital has been crowdfunded from family offices, high net worth investors, and Timelio’s customers which have showed confidence in the firm’s future success. Charlotte Petris, co-founder of the firm, said that the funds will be used to boost their technical team, expand sales, and improve the technology of the platform in order to make it easier for Australian businesses to access financing.
Glenn Smith, CEO of Spotjobs and director of StartupAUS, is now the new chairman of Timelio. Glenn noted that there is high growth potential of peer-to-peer invoice financing in the global market. Glenn is passionate to work with Timelio in revolutionizing the industry through integration of technology.
The announcements came shortly after the platform has attained several growth milestones. This included the $3.5 million in invoices that has been traded since the launch of the platform and the booming engagement of the firm with its key stakeholders, including financial advisers and accountants.
With the new name, new chairman, and new plans, great products and services are expected from Timelio.
Timelio is among the key players in the peer-to-peer invoice financing industry in Australia. There are several other players in the wider Australian alternative finance industry such as RateSetter Australia, ThinCats Australia, Loan Ranger, among others. This industry is still in its early stage, posing for significant growth in the next few years. With the new name, new chairman, and new plans, great products and services are expected from Timelio.
Featured Image: Melbourne, Australia