In a period spanning 15 months, The Invoice Market (TIM) has financed over $100 million to Australian businesses as they seek cash flow funding.
Monthly volumes have also undergone rapid growth, with the financier funding up to $15 million per month, to 150 businesses across industries such as agriculture, transport, and manufacturing.
Angus Sedgwick, CEO of The Invoice Market, attributed the growth to an “innovative and flexible invoice 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,” Mr Sedgwick noted.
“Our clients regularly tell us that traditional funders have either stopped providing the finance or are making it so complicated and restrictive for them.”
By accessing the online funding platform, businesses seeking funding can select any invoice to finance and access said funding in what Mr Sedgwick claims are “five easy steps”.
The Invoice Market then funds up to 80 per cent of the invoice amount on day 1, with the remainder paid when the debtor pays the invoice.
Mr Sedgewick claimed that the service offering, which operates under a 100 per cent ‘fee-free’ model, reflects his understanding of the challenges that business owners and managers face.
“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,” he concluded.