Founders depart fintech Timelio as it raises $7.5 million
Timelio cofounders Charlotte and Andrew Petris have left the fintech they founded seven years ago, amid a $7.5 million raise.
The pair did not back the round, a rights issue to shareholders completed on August 4.
Four existing shareholders: Thorney Investments, Wilbow Group, Riversdale Capital Funding and David Roseman fully underwrote the raise, accounting for 82% of remaining shareholders who chose to take up their entitlement.
Applications were received for a further 6% by way of over-subscriptions, which were accepted in full.
The company said the cash will fund ongoing operations and future growth.
The husband and wife founders stepped down from the board in July, with former Flexigroup CEO Symon Brewis-Weston replacing Charlotte Petris as chief executive.
The reasons behind their sudden departures from the small business invoice financing fintechwere explained as “the right time to exit” in a media release issued by the company’s PR firm following enquiries by Startup Daily.
Brewis-Weston praised Peris as “a true entrepreneur”.
“As Timelio’s CEO for more than seven years, Charlotte has played an instrumental role in creating a $100+ million funding book and a platform supporting thousands of customer transactions every day,” his statement said.
“Charlotte and Andrew have laid the groundwork for Timelio to continue to grow and thrive. On behalf of the entire team at Timelio, I want to express my gratitude for their contributions to the company and I wish them every success in their future ventures.”
Charlotte Petris said she and her husband had “decided now is the right time to exit the business” they launched in 2015 .
“My vision in creating Timelio was to enable easy access to finance for business owners to achieve their growth ambitions,” she said.
“I am proud of what the team has achieved, especially over the last 12 months establishing a warehouse funding facility with Goldman Sachs and completing the Bendigo and Adelaide Bank acquisition. I look forward to seeing the team grow Timelio to the next level as I take my next step as an entrepreneur in the financial services industry.”
In February this year Timelio acquired the Bendigo and Adelaide Bank’s Invoice Finance business in a deal that included exclusive referral partnership agreement for invoice finance opportunities over the next three years. The merger took Timelio’s funding book to $100 million.
It followed a $270 million warehouse funding agreement with Goldman Sachs, announced in October 2021.
Timelio raised $5 million in late 2016, with Thorney among its initial backers.