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Bendigo sells invoice finance business

Invoice finance company Timelio will double its size with the acquisition of Bendigo and Adelaide Bank’s invoice finance business.

Timelio announced yesterday that the parties have agreed to the deal, which will increase Timelio’s funding book to A$100 million. The price of the sale was not disclosed.

The deal includes a three-year referral arrangement between Timelio and the bank.

The transaction follows completion of a $270 million warehouse funding agreement last November, with Goldman Sachs as the senior lender.

Since its launch in 2015 Timelio has provided $1.5 billion of funding. 

Bendigo and Adelaide Bank head of specialist solutions, Brian Buckle, said in a statement that the sale was part of the bank’s strategy of simplifying its business.

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