One of the quiet achievers on the fintech front has been peer-to-peer and marketplace cash flow funding company The Invoice Market - recently rebranded as 'tim'.Angus Sedgwick, chief executive of The Invoice Market, has been taking notes on the evolution of his niche sector over the two years since the business funded its first client. This was a fresh produce supplier, with a batch of invoices to the value of A$968,340 - and the transaction was settled one day before the close of the 2014 financial year.Since then, tim has been proving its business model with volume and numbers, funding over 100 small businesses against invoices with a face value of $140 million, according to a media release from the marketplace lender. The business is funded through a panel of investors, primarily via a managed investment scheme that accounts for 70 per cent of tim backing. Other investors include high net worth individuals, self-managed super funds and high yield opportunities funds.Sedgwick says this is another of tim's strengths.  With several backers to choose from, and as a private company with no strict mandates for investment, there is a higher chance that any given SME will be funded than if, say, the same business was relying on a traditional bank with unbendable lending criteria."In the two years since tim started, we've seen a growing number of Australian businesses turn to alternative financing because they find traditional funding sources penalise them if they are carrying a tax debt," Sedgwick said."Undoubtedly, the main positive for small business borrowers is that they are no longer restricted to on balance sheet funding, which many do not want or are unable to get," he said.Sedgwick's own business works on a cash recycling concept, as he told Banking Day in a recent interview. "Our open invoice book is about $28 million and we're funding between $2 million and $3 million per week of new invoices.""As tim is buying an asset - the invoice - rather than providing a business loan, the tax debt a business may carry is just one of a number of considerations in our assessment of risk."Sedgwick said the key differentiator against traditional invoice factoring cash flow funding - provided by a group such as Scottish Pacific for example - is that tim is what he termed "a selective invoice funder". In other words, tim is not offering a debt facility or lines of credit against accounts receivable."Our transaction is the sale of an asset, being an unpaid invoice or group of invoices at a discount to their face value. We don't lock the client into any long-term contract," Sedgwick said.Where tim does draw the line is in the size of the invoice, which has to be large enough to justify the credit analysis on the business that raised the invoice, as well as ensuring that the trade debtor will acknowledge that the debt has been transferred to tim.Sedgwick asserts that there should be a human somewhere in the process."By 'adding back' an element