Timelio co-founders Charlotte and Andrew Petris have exited the fintech they founded seven years ago, raising $7.5 million.
The pair did not support the round, a rights issue to shareholders that closed on Aug. 4.
Four existing shareholders: Thorney Investments, Wilbow Group, Riversdale Capital Funding and David Roseman fully endorsed the increase, accounting for 82% of the remaining shareholders who chose to withdraw their rights.
An additional 6% of applications were received through oversubscriptions, which were fully accepted.
The company said the money 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 exit from fintech bill finance for small businesses were explained as “the right time to quit” in a press release from the company’s PR agency in response to inquiries from Startup Daily.
Brewis-Weston praised Peris as “a true entrepreneur”.
“As CEO of Timelio for more than seven years, Charlotte has been instrumental in creating a $100 million+ financing book and a platform that supports thousands of customer transactions every day,” his statement said.
“Charlotte and Andrew have laid the foundation for Timelio to continue to grow and prosper. On behalf of the entire Timelio team, I would like to express my gratitude for their contributions to the company and wish them every success in their future ventures.”
Charlotte Petris said she and her husband had “decided now is the right time to leave the company,” which they launched in 2015.
“My vision in creating Timelio was to give entrepreneurs easy access to financing to realize their growth ambitions,” she said.
“I am proud of what the team has achieved, especially in the past 12 months by establishing a warehouse financing facility with Goldman Sachs and completing the acquisition of Bendigo and Adelaide Bank. I look forward to seeing the Timelio team grow to the next level as I take my next step as a financial services entrepreneur.”
In February of this year, Timelio acquired the Invoice Finance business of Bendigo and Adelaide Bank in a deal that included an exclusive referral partnership agreement for invoice financing opportunities over the next three years. The merger brought Timelio’s financing portfolio to $100 million.
It followed a $270 million warehouse financing deal with Goldman Sachs announced in October 2021.
Timelio raised $5 million in late 2016, with Thorney being one of the first backers.