The Invoice Market (TIM) has financed over $100 million in the 15 months since it started providing cash flow funding, with the group now funding up to $15 million per month.
Angus Sedgwick, chief executive of TIM, said the group’s growth is a direct result of its innovative and flexible invoice funding model.
“Traditional funders often make it difficult for businesses to obtain cash flow funding, particularly when in start-up phase or they only have a few debtors,” he said.
“Our clients regularly tell us that traditional funders have either stopped providing the finance or are making it so complicated and restrictive for them. So, when we established TIM as the next-generation peer-to-peer financier, we set out to change this.”
Businesses can select any invoice to finance using TIM, with the platform funding up to 80 per cent of the invoice amount on day one. The remainder is paid once the debtor pays the invoice.
Over 150 Australian businesses from a diverse range of industries, including agriculture, transport and manufacturing, have worked with TIM.
“Businesses and intermediaries have chosen or recommended TIM as their cash flow funding partner for many reasons,” he said. “First and foremost however, they appreciate the ease of dealing with the team, which reflects our understanding of the challenges they face as business owners and managers, the simplicity and flexibility of the product and the competitive rates we offer in the flexible invoice funding market.”
“Overall, we believe this milestone and our continued success will be driven by our ability to keep the service uncomplicated, easy and affordable for businesses.”