The Melbourne-based fintech will double its loan book to $100 million and maintain a referral relationship with Bendigo Bank.
Bendigo and Adelaide Bank has offloaded a $50 million small business loan book funded off customer invoices to Timelio, and will now partner with the Goldman Sachs-backed fintech.
Charlotte Petris, co-founder of Timelio: “It gives us credibility that a large bank is saying it trusts us.”allowing Timelio to compete more aggressively with other players in the emerging area including ASX-listed Earlypay, MoneyTech and more established specialist lenders such as Octet and Scottish Pacific.
Under the referral deal Bendigo will maintain business banking relationships with customers referred to Timelio.It comes after a detailed process at Bendigo to find the right partner. Bendigo has to hold relatively high levels of regulatory capital when invoices are used as security for business loans, so it became attractive for the regional bank to take them off its balance sheet.
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