When business is booming, not having cash flow can be a major obstacle for businesses, hindering opportunities and limiting their ability to grow. Securing a new deal or major order can take weeks, months or even years, and business owners may find that traditional finance providers don’t understand or work quickly enough to provide funding for new opportunities as they arise. That’s where Timelio can help.
Timelio technology: bringing invoices and investors together
Timelio aims to help take that pressure off. It’s a peer-to-peer marketplace for invoice finance that connects growing businesses directly with investors. It gives fast access to the cash locked up in invoices, using technology to make it fast, easy and affordable for businesses to turn invoices into cash. Timelio makes it simple to unlock funds in less than 24 hours by selling invoices online.
Charlotte Petris, Timelio’s founder, says she noticed how tough it was for SMEs trying to grow a business without access to adequate finance, and how the industry hadn’t kept pace with changes in technology. “We created Timelio to bring together SMEs directly with investors. It’s a win-win for both sides: business owners get working capital to grow their business and investors have direct access to new investment opportunities.” This gets business owners the funding they need when they need it.
An important aspect is Timelio’s integration with Xero. It saves busy business owners time by providing the relevant financial information instantly, allowing them to complete the online application within minutes. Whenever cash flow is required, invoices can be uploaded to the Timelio marketplace directly from Xero, releasing the funding as quickly as possible.
Fuelling growth for Australian businesses
Scott Boocock’s lightbulb moment came while trying to hang his wife’s cocktail dress. Surely, he thought, there had to be a way of hanging out clothes without them getting peg marks and creases. With the business idea of putting a simple hook on the peg, Hegs Pegs was born. But after building the courage to start the business and landing a major deal with 55 local supermarkets, he realised he didn’t have the cash flow to fill all the orders in time. Struggling to fund the amazing growth the business was experiencing, his accountant told him about Timelio, who offered him the perfect solution.
“The old adage ‘Cash is king’ is 100% correct,” says Scott. “We’ve gone through two funding phases and still the growth continues to need more. We now have our operations working well; however, our growth means we are continually looking for funds. Using Timelio for invoice financing has made our growth manageable. Being able to upload invoices and have the cash available in less than 24 hours is amazing, and we wouldn’t be able to do it without technology.”
Check out the full story of how Timelio has helped Hegs fund their invoices in the video below.