Timelio to acquire Bendigo and Adelaide Bank's invoice finance business

Melbourne-based financial technology firm Timelio Pty. Ltd. agreed to acquire the invoice finance business of Bendigo and Adelaide Bank Ltd. for an undisclosed price.

Under the deal, the two companies also entered into an exclusive referral partnership for invoice finance opportunities over the next three years, according to a Feb. 8 release.

The acquisition brings Timelio's funding book to A$100 million.

The Australian lender's customers will move onto Timelio's platform for invoice finance requirements, effective March 1. The bank will continue to provide all other banking services.