Leading Australian financial services company OptiPay has grown its invoice financing books by $10M after acquiring the debtor finance clients of Thornmoney.

Thorn’s Asset Finance Portfolio was purchased by Resimac, a leading alternative lender for residential mortgages and asset finance, earlier this year for $16.7M as part of its strategic focus on investments in the fintech sector. 

“We’re continuing to drive the growth of OptiPay to position ourselves as the leader in the invoice financing industry in Australia,” says OptiPay CEO Angus Sedgwick.

“Our new clients span across a range of industries including transport and logistics, manufacturing and labour hire and we’re looking forward to helping them manage their cash flow better.” he says.

OptiPay’s portfolio has grown at an average of 50% year on year over the last 4 years and with invoice financing still an untapped resource for many Australian SME’s, this growth is expected to continue.

“Invoice Finance has huge potential amongst Australian B2B businesses looking to improve their cash flow,” says Mr Sedgwick.

An invoice financing facility provides a revolving line of credit secured against the unpaid invoices of a business and is suitable for any business that invoices another business for goods or services on credit terms.

“Invoice financing is commonplace overseas but here in Australia it’s less well known,” says Mr Sedgwick.

“Businesses can typically access up to 90% of their sales revenue within 24 hours of issuing the invoice. Unlike more traditional business loans there are no ongoing repayments back to the financier as they are repaid when the debtor makes payment of the invoice/s. The fee paid to the financier usually ranges from <1% up to 3% of the invoice value.”

About OptiPay

OptiPay, formerly TIM Finance, has been operating for 10 years and provides Australian SMB businesses needing cashflow to grow, with innovative funding solutions such as invoice finance, trade finance and inventory finance. Their range of flexible and affordable financing solutions help businesses solve their cash flow challenges, without the need for property security. OptiPay has funded over $2bn to date to over 500 businesses. Find out more at https://optipay.com.au