TIMIA Capital Review: Canadian RBF Rates & Alternatives
If you're reading TIMIA Capital reviews or comparing TIMIA Capital alternatives, this guide breaks down their two term-loan products (Amortized and Interest Only), the 15–18% risk-adjusted pricing band, the $2M+ ARR floor, the US/Canada-only geography, and the November 2024 Round13 Capital acquisition. Founderpath offers two direct alternatives: a Revenue Purchase Agreement at a 7% starting flat discount fee scaling per year and a Term Loan at 14% APR starting with fixed monthly payments — both global, no warrants, no personal guarantee, no balloon repayment.
Compared in this guide
Quick Cost Comparison
Save $350,084 with Founderpath RPA · cut monthly burden ~$3,057/mo via Term Loan
TIMIA at 17.0% / 48mo amortizing: $57,710/mo. FP RPA: $67,222/mo over 36mo (FP RPA max term is 36mo), 7%/yr flat fee. FP TL: $54,653/mo over 48mo at 14% APR.
See full breakdown ↓TL;DR
What is TIMIA Capital?
TIMIA Capital is a non-dilutive lender for B2B SaaS and recurring-revenue technology companies, originally founded in Vancouver in 2015 by Mike Walkinshaw, Greg Smith, and Andrew Abouchar. Per BetaKit's October 2024 coverage of the company's sale, TIMIA has deployed approximately $200 million in loan facilities across 80 portfolio companies since 2015, with 35 successful exits to date. The company was acquired by Round13 Capital from Montfort Capital on November 4, 2024 for CAD $6.5 million ($4.5M cash plus $2M debt repayment to Pivot Financial). TIMIA's LinkedIn profile lists the current HQ as 111 Richmond Street West, Suite 502, Toronto, Ontario M5H 2G4.
TIMIA Capital markets two products: an Amortized Loan (3–6 year term, $2M+ ARR floor, principal payments that ladder up annually as ARR grows) and an Interest Only Loan (2–3 year term, $5M+ ARR floor, interest-only payments with a balloon repayment of principal at end of term, optionally convertible to amortizing). Both products price in the same 15–18% risk-adjusted band per TIMIA's own product-page disclosure. Facility sizes range from $500K to $10M (post-Round13 stated focus: $1M–$10M), advanced up to 6–12 times current MRR.
TIMIA Capital's tagline — “It's Your Company. Keep It That Way.” — reflects its non-dilutive thesis: no warrants, no board seats, no personal guarantee, no “harsh covenants” per its homepage. Eligibility per TIMIA's eligibility page requires $2–$20 million in ARR, US or Canada incorporation, gross margins greater than 50%, 10+ clients (proven product-market fit), and capital-efficient growth.
How TIMIA Capital Works
TIMIA Capital markets two senior / subordinated term-loan products. The Amortized Loan runs 3–6 years — per TIMIA's product page, “principal payments start low and ladder up each year” and “your fixed payments increase as your ARR grows.” This structure backloads cost as the company scales rather than imposing flat amortization from day one. The Interest Only Loan runs 2–3 years with “repayments are interest-only or similar with a balloon payment at the end of the term,” with an option to convert to the Amortized structure. Both products use fixed monthly payments, not daily or weekly sweeps.
Pricing on both products is disclosed as “risk-adjusted rates between 15-18%” — that's the only publicly published pricing band. The actual rate, origination fee, prepayment terms, minimum cash covenant (if any), and any call protection are determined per deal in the financing-specific Customer Agreement, which is not public. A 2018 third-party SaaS-finance blog (SaaSRise) referenced a legacy 2% setup fee and a $10K closing work fee on TIMIA deals from that era; whether those still apply post-Round13 is not publicly confirmed.
Funding amounts scale with MRR — TIMIA cites 6–12x current MRR on both product pages. Facility size ranges from $500K to $10M; Round13's November 2024 acquisition release reframed the going-forward focus as $1M–$10M non-dilutive debt. Geography is restricted to the US and Canada; foreign borrowers are not served. The Amortized product requires $2M+ ARR; the Interest Only product requires $5M+ ARR.
TIMIA does not publish a guaranteed funding-speed commitment. Senior / subordinated term-loan underwriting of this kind — including financial diligence, security-interest perfection via UCC-1 (US) or PPSA (Canada) filings, and term-sheet negotiation — typically takes 4–8 weeks from initial conversation to funded close. By comparison, Founderpath funds in under 24 hours via direct integration with billing systems (Stripe, Chargebee, Recurly) for the RPA and standard banking integrations for the Term Loan.
Why Founders Look for TIMIA Capital Alternatives
TIMIA Capital is a credible SaaS-recurring lender with a 9-year operating history and a clean “no warrants, no PG, no board seats” positioning. The reasons founders compare it to Founderpath are pricing, geography, eligibility floor, and balloon-repayment risk — not the underlying senior-debt structure.
- 1.Lower starting rate. TIMIA's “risk-adjusted rates between 15–18%” band starts higher than Founderpath's published 7% starting RPA fee per year and 14% APR starting Term Loan. On a $2M facility at TIMIA's 17% mid-range over 48 months, total cost is approximately $2.77M; Founderpath's RPA at 7% per year over its maximum 36-month term totals approximately $2.42M — about $350K lower in total dollar cost (paid off 12 months earlier).
- 2.Global geography. TIMIA is restricted to US and Canada per its eligibility page. Founderpath funds SaaS founders globally, including the UK, EU, Australia, and other markets where TIMIA does not operate.
- 3.Lower ARR floor. TIMIA requires $2M+ ARR for the Amortized Loan and $5M+ ARR for the Interest Only Loan. Founderpath's RPA serves founders from $100K in annual revenue upward — the same purchase-of-receivables structure works for earlier-stage SaaS that TIMIA can't underwrite.
- 4.No balloon repayment. TIMIA's Interest Only Loan requires a full principal repayment at month 24–36 — founders either refinance, pay off from operating cash flow, or convert to the Amortized structure. Founderpath's Term Loan fully amortizes over the term; there is no balloon and no refinance risk at end of term.
- 5.Faster funding. Senior-debt underwriting typically takes 4–8 weeks at a lender like TIMIA. Founderpath funds in under 24 hours via direct billing-system and banking integration — useful when capital is tied to a specific window (sales cycle, marketing spend, hire).
- 6.Two product structures. Founderpath offers the same fixed-monthly Term Loan structure that TIMIA does (at 14% APR starting, no balloon, prepayment savings) plus the Revenue Purchase Agreement — a purchase of future receivables priced at a 7% starting flat fee per year with fixed daily or weekly debits. Two distinct structures, pick whichever fits your cash plan.
- 7.Published rate card. TIMIA publishes the 15–18% band but not the origination fee, prepayment terms, or covenant package — those are negotiated per deal in the private Customer Agreement. Founderpath publishes starting rates directly on its product pages.
Why bootstrapped SaaS founders choose Founderpath — “I'd spent 12 years looking for a fair, transparent debt funding option for my SaaS. The terms are fair, the focus on bootstrapped SaaS founders is unwavering. I feel like I have a financier in my corner.” — Chris Taylor, Canada
Founderpath offers two direct alternatives
Founderpath has two capital products that map to TIMIA Capital's lineup. Pick whichever repayment schedule fits your cash plan — both funded in under 24 hours with published starting rates, no warrants, no personal guarantee, no balloon:
- →Revenue Purchase Agreement (RPA) — a purchase of future receivables repaid via fixed daily or weekly deductions on a set schedule, priced at a 7% starting flat discount fee scaling per year. Terms up to 36 months. Same broad SaaS-non-dilutive lender category as TIMIA but at a lower starting fee.
- →Term Loan — fixed monthly payments at 14% APR starting (Founderpath's published starting rate, lower than TIMIA's 15% floor), terms up to 48 months, no prepayment penalty (save on interest by repaying early), no balloon at end of term.
Founderpath funds SaaS founders globally with native integrations to Stripe, Chargebee, and Recurly — not restricted to US/Canada. Founderpath also offers a Merchant Cash Advance for businesses with seasonal cash flows, which TIMIA does not have a direct equivalent for.
Top 5 TIMIA Capital Alternatives
The best TIMIA Capital alternatives for SaaS and recurring-revenue founders in 2026.
# | Company | Best For | Pricing | Funding Speed |
|---|---|---|---|---|
1 | Founderpath | RPA + Term Loan — SaaS / recurring revenue globally | From 7% RPA flat fee or 14% APR Term Loan | Under 24 hours |
2 | Capchase | SaaS subscription advances | ~7%/yr per-year flat fee | 48 hours |
3 | Bigfoot Capital | $1M–$5M ARR SaaS term loans | Custom term loans, no warrants | 4–6 weeks |
4 | SaaS Capital | Interest-only credit facilities, $4M+ ARR | Interest-only structure, custom rate | 3–6 weeks |
5 | Lighter Capital | Early-stage SaaS RBF | 1.3x–1.5x repayment cap | 2–4 weeks |
Founderpath is the only TIMIA Capital alternative on this list that combines a published-rate revenue purchase agreement with a fully amortizing term loan at 14% APR starting, global geography, and under-24-hour funding. Founderpath has funded SaaS founders worldwide with over $271M in non-dilutive capital across 727+ deals.
Many founders comparing TIMIA Capital also evaluate Founderpath vs Capchase, Founderpath vs Bigfoot Capital, Founderpath vs SaaS Capital, and Founderpath vs Lighter Capital.
Pros and Cons of TIMIA Capital
Pros
Non-dilutive, no warrants, no PG. TIMIA's homepage and both product pages explicitly state no equity, no board seats, no warrants, no personal guarantees.- Long term length on the Amortized product. 3–6 years is among the longest term lengths in the SaaS-non-dilutive category — spreads repayment across more months for a lower monthly cash burden.
- Long operating history. Founded 2015, ~$200M deployed, 80 portfolio companies, 35 exits — one of the longer track records in the SaaS-non-dilutive category.
- Laddered amortization fits scaling SaaS. Principal payments start low and increase as ARR grows — cash-flow-friendly for companies still investing in growth.
- Round13 ownership. Acquisition by a Canadian VC adds equity-fund visibility and presumably co-investment opportunities with Round13 portfolio companies.
- Up to 6–12x MRR sizing. Higher MRR multiple than many SaaS-RBF peers — meaningful when founders need a substantial growth check.
Cons
Higher starting rate than peers. 15–18% risk-adjusted vs Founderpath's 7% starting RPA fee per year and 14% APR starting Term Loan.- US/Canada only. Founders outside North America are not served. Founderpath funds SaaS founders globally.
- $2M ARR floor (or $5M for IO). Earlier-stage SaaS does not qualify; the same purchase-of-receivables structure works at lower ARR via Founderpath's RPA ($100K+ revenue).
- Balloon repayment on the Interest Only product. Full principal due at month 24–36 — refinance or pay from cash, which creates end-of-term risk.
- No published Customer Agreement. Origination fees, prepayment terms, minimum cash covenants, and security-interest specifics are negotiated per deal in a private financing agreement, not disclosed in marketing.
- Slow funding. Senior-debt underwriting (UCC/PPSA perfection, financial diligence) typically takes 4–8 weeks; Founderpath funds in under 24 hours via direct integration.
- No independent customer reviews. No Trustpilot, G2, or Capterra profile; only 2 employee reviews on Glassdoor. Founderpath holds a 4.9 / 5 rating across 100+ Trustpilot reviews from SaaS founders.
- Recent ownership change. November 2024 acquisition by Round13 introduces some near-term uncertainty about pricing, underwriting bar, and product direction — 2025–2026 origination volumes have not yet been publicly disclosed.
What Is the Best TIMIA Capital Alternative?
The best TIMIA Capital alternative for SaaS and recurring-revenue founders is Founderpath — lower starting rate, global geography, lower ARR floor, no balloon repayment, faster funding.
Founderpath's Revenue Purchase Agreement (RPA) prices at a 7% starting flat discount fee scaling per year vs TIMIA's 15–18% APR band — on a $2M facility against TIMIA's 48-month Amortized Loan at 17%, the FP RPA over its maximum 36-month term ($2.42M total) is roughly $350K lower in total dollar cost. The Term Loan starts at 14% APR (below TIMIA's 15% floor) with fixed monthly payments, terms up to 48 months, and no balloon at end of term — save on interest by repaying early.
Founderpath funds SaaS founders globally (not restricted to US/Canada), publishes starting rates on its product pages, has no warrants and no personal guarantee, and funds in under 24 hours.
TIMIA Capital Pricing Explained
TIMIA Capital prices both products in a single published band: “risk-adjusted rates between 15-18%”, stated verbatim on both the Amortized Loan and Interest Only Loan product pages. The lower 15% floor goes to lower-risk borrowers — established ARR, healthy gross margins, capital-efficient growth — while the 18% ceiling applies to higher-risk underwriting outcomes.
What's not publicly disclosed. Origination fees, closing fees, prepayment penalties, minimum cash balance covenants, and security-interest specifics (UCC-1 in the US, PPSA in Canada) are not stated in TIMIA's marketing pages. A 2018 third-party SaaS-finance blog (SaaSRise) cited a legacy 2% setup fee plus a $10K closing work fee on TIMIA deals from that era; the current Round13-owned entity has not publicly confirmed whether those fees still apply. Founders should request the full term sheet and Customer Agreement before signing — the asterisked rows in the comparison table below mark provisions sourced from industry-standard senior-secured patterns rather than TIMIA's public marketing.
How the structure works in cash-flow terms. On the Amortized Loan, interest is paid on the declining principal balance — standard amortization — with principal payments that start low and ladder up annually. On the Interest Only Loan, only monthly interest is paid for 2–3 years; the full principal comes due as a balloon at end of term. The balloon adds refinance risk: if the company can't repay from cash flow or refinance at maturity, the lender has acceleration rights.
By comparison, Founderpath publishes starting rates directly on its product pages with no balloon. The Revenue Purchase Agreement starts at a 7% flat discount fee scaling per year — 7% on a 12-month term, 14% on a 24-month term, etc. The Term Loan starts at 14% APR fully amortizing with fixed monthly payments, no balloon, no prepayment penalty.
Is Founderpath Cheaper Than TIMIA Capital?
Yes — across the publicly disclosed 15–18% TIMIA rate band, Founderpath wins on total dollar cost in every reachable scenario. There's a term mismatch to be transparent about up front: Founderpath's RPA maximum term is 36 months while TIMIA's Amortized Loan runs 3–6 years, so the RPA scenarios below pay off in 36 months even when TIMIA is amortizing over 48–72. The FP Term Loan (up to 48 months) is the apples-to-apples term match against TIMIA at the 36–48mo end of the range.
Scenario: $2M facility, TIMIA Amortized 17% mid-range over 48 months.
- TIMIA Amortized Loan, 48-month term, 17% APR: total $2,770,000, avg monthly $57,649/mo (laddered, starts lower in year 1).
- Founderpath RPA, 36-month term (max), 7% per year (21% total fee): total $2,420,000, monthly approximately $67,222/mo — about $350,000 cheaper in total dollar cost, paid off 12 months sooner. Monthly cash burden is higher because the shorter term concentrates repayment.
- Founderpath Term Loan, 48-month term, 16% APR modeled: total approximately $2,721,000, monthly approximately $56,665/mo — about $49,000 cheaper at the same 48-month term. And Founderpath's actual published starting rate is 14% APR — a real Founderpath offer typically beats the modeled comparison.
Scenario: $2M facility, TIMIA Interest Only at 17% over 36 months. Term matches FP RPA cap exactly, so it's apples-to-apples.
- TIMIA Interest Only, 36-month term, 17% APR: $28,333/mo interest for 36 months + $2,000,000 balloon at month 36 — total $3,020,000.
- Founderpath RPA, 36-month term, 7% per year (21% total fee): total $2,420,000 — about $600,000 cheaper, and no $2M balloon to refinance at end of term.
- Founderpath Term Loan, 48-month term, 16% APR modeled: total approximately $2,721,000, fully amortizing with no balloon — about $300,000 cheaper than TIMIA on total dollar cost and zero end-of-term refinance risk.
Where TIMIA's floor competes. At TIMIA's 15% floor on a 48-month Amortized Loan, total cost is approximately $2,672,000. Founderpath's RPA at 7% per year over its 36-month cap totals $2,420,000 — still about $252,000 lower in total dollar cost (RPA pays off 12 months earlier). The conservatively-modeled FP Term Loan at 16% APR over 48 months is approximately $2,721,000 — about $49,000 above TIMIA's floor at the same term. Founderpath's actual published starting Term Loan rate is 14% APR, so a real Founderpath offer typically beats the floor scenario too. Run your own numbers in the calculator below.
Why the comparison is structurally fair. Both lenders price in roughly the same category — non-dilutive senior-debt SaaS lenders — and Founderpath's Term Loan matches TIMIA's Amortized Loan structure 1:1 (fixed monthly, amortizing, no balloon). Founderpath's RPA is a different legal structure (purchase of future receivables, daily/weekly debits) but it serves the same use case at a lower starting rate. Run your own numbers in the calculator below.
TIMIA Capital vs Founderpath Cost Calculator
Estimate the cost of a TIMIA Amortized or Interest Only Loan side-by-side with Founderpath's two products: the Revenue Purchase Agreement (7% starting fee per year) and the Term Loan (14% APR starting). Toggle between TIMIA's two products with the tab switcher — both price in the same 15–18% band, the difference is amortization structure vs balloon.
TIMIA Amortized Loan Inputs
Models TIMIA's amortized term loan. Per the Amortized Loan product page: "Risk-adjusted rates between 15-18%" over a 3–6 year term, principal payments laddering up as ARR grows.
Loan Amount ($)
17.0%
48 months
Total Cost Comparison
All-in cost across 48 months — interest paid on the amortizing balance
TIMIA Amortized (48mo, 17.0% APR)
$2,770,084
$770,084
$57,710/mo
Laddered amortizing
Founderpath RPA (36mo max, 21% total fee)
$2,420,000
$420,000
$67,222/mo
None
Founderpath Term Loan (48mo, 16% APR modeled)
$2,720,667
$720,667
$56,681/mo
None
$350,084
across 48 months — no warrants, no board seats, no covenantsTIMIA Amortized Loan is modeled as standard amortizing debt; TIMIA Interest Only Loan is modeled as monthly interest payments + full principal balloon at end of term. Rate range anchored to TIMIA's own product-page disclosure (“risk-adjusted rates between 15-18%”). Founderpath RPA modeled at 7% per year scaling with term; Founderpath Term Loan modeled at a conservative 16% APR over 48 months — Founderpath's actual published starting rate is 14% APR, so a real Founderpath offer would typically be cheaper than the modeled comparison. Actual terms may vary.
Disclaimer: This calculator is for illustrative and educational purposes only. It does not represent an actual TIMIA Capital offer, quote, or financing term. All figures are hypothetical estimates based on publicly available information and user-provided inputs. Actual TIMIA Capital terms may differ significantly. Founderpath is not affiliated with TIMIA Capital and makes no representations about TIMIA Capital's current pricing or terms. Consult directly with any financing provider before making decisions.
TIMIA Capital Reviews (2026)
TIMIA Capital does not maintain a public Trustpilot, G2, or Capterra profile. A search of Glassdoor returns only 2 employee reviews. Customer testimonials on TIMIA's own website and on FeaturedCustomers.com are vendor-curated rather than independent verified reviews. This is not unusual for boutique SaaS-non-dilutive lenders that don't pursue consumer-style review aggregation, but it's a notable gap when comparing alongside Founderpath's 100+ verified Trustpilot reviews.
Publicly named TIMIA customers — sourced from BetaKit funding-announcement coverage and TIMIA's own case-study pages — include Echosec Systems (a $2M secured three-year facility in April 2019 per BetaKit), Measured, Resilio, Wagepoint, Metazoa, SafePointe (a $1M USD facility in September 2022; the borrower was later acquired by SoundThinking, Nasdaq: SSTI), Actionfigure, iCompass, and Sureify. Per BetaKit's 2024 acquisition coverage, TIMIA has supported 80 portfolio companies in total since 2015 with 35 successful exits.
By comparison, Founderpath holds a 4.9 / 5 rating across 100+ verified Trustpilot reviews from SaaS founders, searchable on Founderpath's Trustpilot page.
What Founders Say About Founderpath
David Tabachnikov
Founder of ScholarshipOwl
After Trying All the RBF Platforms, Founderpath Had the Best Terms
“After trying all the RBF platforms out there, we found FounderPath to be the best one to work with, having the best terms, and also giving us added value that nobody else could. FounderPath also worked with us to help us resolve our unique situation, and make our payment more predictable and flexible. With FounderPath, it's not just the money — it's being part of a financial support network.”
Jacob Wright
Founder of Dabble
Longer terms than others, & a personal touch
“Founderpath has been the best experience. You aren't just dealing with a sales rep who then hands you off to someone else. Founderpath has a more personal touch. They also have longer and more flexible terms, allowing you to pay off early if needed without penalty like the others. Overall, a great experience.”
TIMIA Capital vs Founderpath: Full Comparison
Based on TIMIA's public marketing pages (timiacapital.com homepage, /financing/amortized-loans/, /financing/interest-only/, /get-funded/, /about-timia-captial/), Round13 Capital and BetaKit acquisition coverage, the Montfort Capital fund-disclosure page, and industry-standard senior / subordinated SaaS term-loan structure.
Feature | TIMIA | Founderpath RPA | Founderpath Term Loan |
|---|---|---|---|
Legal structure | Senior / subordinated term loan (Amortized or Interest Only) | Purchase of future receivables (not a loan) | Senior secured term loan |
Repayment type | Fixed monthly: amortized (laddering principal) or interest-only + balloon | Fixed daily or weekly deductions on a set schedule | Fixed monthly payments |
Pricing / Effective APR | From 15%–18% risk-adjusted APR per timiacapital.com — the only publicly disclosed band | From a 7% flat discount fee scaling linearly per year — ~7% APR on 12mo, ~14% APR on 24mo, no compounding | From 14% APR, fixed monthly — published as APR, save on interest by repaying early |
Funding range | $500K–$10M per facility (post-Round13 stated focus: $1M–$10M) | Typically up to 70% of ARR | Typically up to 70% of ARR |
Sizing vs revenue | Up to 6–12x current MRR per the Amortized Loan and Interest Only Loan product pages | Sized to ARR, no MRR multiple cap | Sized to ARR, no MRR multiple cap |
Minimum revenue | $2M ARR (Amortized) / $5M ARR (Interest Only) per TIMIA's eligibility page | $100K annual revenue | $3M ARR |
Geography | US and Canada only | Global | Global |
Repayment term | 3–6 years (Amortized) or 2–3 years with balloon (Interest Only) | 12 to 36 months depending on tier | Up to 48 months |
Balloon repayment | Interest Only Loan: full principal balloon at end of 2–3 year term — refinance or pay from cash | None | None — fully amortizing |
Warrants, PG, board seats | “No warrants and no harsh covenants… we won’t ask for equity, board seats, or personal guarantees” per TIMIA homepage and product pages | No warrants, no equity, no board seats, no personal guarantee | No warrants, no equity, no board seats, no personal guarantee |
Collateral * | Industry-standard for senior / subordinated SaaS term loans: UCC-1 / PPSA security interest typical; Customer Agreement is not public | UCC-1 / PPSA first position on future receivables and bank account | UCC-1 / PPSA first position on all business assets |
Minimum cash balance covenant * | Not disclosed publicly; TIMIA marketing says “no harsh covenants” — confirm in the loan agreement | None | Standard minimum-cash covenant on senior secured TL |
Origination / closing fees | Not disclosed in current marketing. Note: a 2018 third-party source (SaaSRise) cites a legacy 2% setup fee + $10K closing fee — confirm current terms in the term sheet | None | None |
Early repayment | Not publicly disclosed; senior term loans typically allow prepayment but may include lockouts or call protection | Full discount fee applies (no savings on early exit) | Save on interest by repaying early — no prepay penalty |
Funding speed | 4–8 weeks typical for senior-debt / venture-debt underwriting (not publicly committed by TIMIA) | Under 24 hours | Under 24 hours |
Independent reviews | No public Trustpilot, G2, or Capterra profile; 2 employee reviews on Glassdoor | 4.9 / 5 across 100+ Trustpilot reviews (Founderpath, shared with TL) | 4.9 / 5 across 100+ Trustpilot reviews (Founderpath, shared with RPA) |
Best fit | $2M+ ARR SaaS in US/Canada that wants amortizing term debt and is comfortable with private-credit underwriting timelines | SaaS and recurring-revenue founders worldwide who want a flat-fee fixed schedule | SaaS at $3M+ ARR seeking longest fixed-payment term globally |
Public Sources
- TIMIA marketing pages (linked inline above): timiacapital.com homepage (loan amount $500K–$10M, “no warrants and no harsh covenants”, US/Canada-only positioning), /financing/amortized-loans/ (3–6 year term, $2M–$20M ARR, “risk-adjusted rates between 15-18%”, “principal payments start low and ladder up each year”, gross-margin >50%), /financing/interest-only/ (2–3 year term, $5M+ ARR floor, balloon repayment), /get-funded/ (eligibility: $2–$20M ARR, B2B SaaS, gross margin >50%, 10+ clients, capital-efficient growth, monthly burn under 50% of MRR as prep), /about-timia-captial/ (Toronto HQ, team profiles).
- “Round13 Capital to acquire startup lending platform TIMIA Group for $6.5 million,” BetaKit, October 18, 2024 — confirms acquisition deal value, $200M in established loan facilities, 80 portfolio companies supported since 2015, 35 successful early exits, $500K–$10M loan range, $2M–$50M ARR target band.
- “Round13 Capital Completes Acquisition of TIMIA Group from Montfort Capital,” Newswire.ca, November 4, 2024 — newswire.ca — closing announcement, CAD $6.5M deal value ($4.5M cash + $2M debt repayment to Pivot Financial), Michael Wallace as new CEO, post-acquisition focus on $1M–$10M non-dilutive debt.
- “TIMIA Capital and Arena Investors aim to fill SVB lending gap with new $100M USD venture,” BetaKit, June 30, 2023 — betakit.com — $100M USD joint venture ($95M Arena Investors + $5M Montfort), ARR target $2M–$20M, 80 portfolio companies, Monique Morden (President) quote on JV scaling.
- “Echosec to receive $2 million secured loan from TIMIA Capital,” BetaKit, April 25, 2019 — named customer deal, $2M three-year facility, $1M initial advance.
- “Montfort's TIMIA Capital Originates US$35.8 Million of Non-Dilutive Capital in 2022,” INN, January 2023 — 2022 origination volume of $35.8M USD across 23 facilities (42% YoY origination growth), Mike Walkinshaw quote.
- Montfort Capital Funds page (linked inline in Funding section) — TIMIA LP I 16.4% net IRR to investor, LP II 12.8% expected, LP III target return 13–15% (2% management fee, 20% performance fee above 8% hurdle).
- TIMIA Capital LinkedIn profile — linkedin.com/company/timia-capital — current HQ 111 Richmond Street West, Suite 502, Toronto, ON M5H 2G4; 11–50 employees range; founded 2015; product positioning: term loans for $2–$50M ARR companies.
- “TIMIA Capital CEO Mike Walkinshaw talks to Cantech Letter,” Cantech Letter, February 8, 2017 — founding-era CEO interview, $10–$15M of investments break-even target, “we are focused on funding growth” positioning.
- Glassdoor TIMIA Capital page — 2 employee reviews indexed (content paywalled / 403 to bots); Trustpilot, G2, and Capterra return no profile for the company.
Industry-Standard Provisions
* Rows marked with an asterisk reflect provisions standard in senior / subordinated SaaS term-loan agreements (UCC-1 in the US / PPSA in Canada security interest on company assets, minimum cash balance covenant, anti-stacking restrictions, deposit-account-control or bank-account assignment, default acceleration). These provisions are not individually confirmed in TIMIA Capital's public marketing materials — TIMIA discloses only product structure, eligibility, and pricing band; the financing-specific Customer Agreement and loan documentation are provided post-underwriting and not public. Specific clauses may vary by deal. We recommend requesting and reviewing the full Customer Agreement before signing with any provider. If any information on this page is inaccurate, contact us at hello@founderpath.com and we will promptly review and update.
TIMIA Capital Overview: Pricing, Timeline, Company Facts
At-a-glance reference card on TIMIA Capital's product structure, eligibility, and corporate facts — sourced to timiacapital.com (homepage, product pages, get-funded, about), BetaKit / Newswire.ca acquisition coverage, Montfort Capital fund disclosures, and the TIMIA LinkedIn profile.
Pricing & Products
- Amortized Loan
- $500K–$10M, 3–6yr, principal ladders up, $2M+ ARR
- Interest Only
- $500K–$10M, 2–3yr, interest-only + balloon, $5M+ ARR
- Sizing
- Up to 6–12x current MRR
- Rate Range
- 15–18% “risk-adjusted” per product pages
- Origination
- Not publicly disclosed; per deal
- Warrants / PG
- No warrants, no PG, no board seats per homepage
Timeline & Requirements
- Min ARR
- $2M (Amortized) / $5M (Interest Only)
- Gross Margin
- >50% required per eligibility page
- Geography
- US and Canada only
- Industry
- B2B SaaS and tech, 10+ clients
- Burn Rate
- Under 50% of MRR cited as prep criterion
- Covenants *
- Customer Agreement not public; senior-debt standards typical
Company Facts
- Founded
- 2015, Vancouver BC
- Current HQ
- 111 Richmond Street West, Suite 502, Toronto, ON M5H 2G4 (per LinkedIn)
- Founders
- Mike Walkinshaw, Greg Smith, Andrew Abouchar
- Current CEO
- Michael Wallace (appointed November 2024 at Round13 closing)
- Ownership
- Round13 Capital (acquired November 4, 2024 from Montfort Capital for CAD $6.5M)
- Track Record
- ~$200M deployed since 2015 across 80 portfolio companies; 35 successful exits
- Headcount
- ~8–12 staff (Latka: 8 as of Oct 2024; LinkedIn 11–50 band)
TIMIA Capital Funding, Valuation & Investors
TIMIA Capital was a TSXV-listed public company under the “TIMIA Capital Corp” ticker (later renamed Montfort Capital in 2022 to reflect the broader private-credit platform that included Pivot Financial). The lending platform's capital structure is fund-based rather than venture-backed — lending capital comes from limited-partner funds (TIMIA LP I, II, III) plus the 2023 joint venture with Arena Investors and, post-November 2024, Round13's equity-fund backing. The November 4, 2024 sale to Round13 Capital was a CAD $6.5 million transaction ($4.5M cash + $2M debt repayment to Pivot Financial).
Round / Fund | Amount / Size | Date | Notes |
|---|---|---|---|
TIMIA LP I | Closed; 16.4% net IRR | ~2015–2019 | Limited-partner lending fund per Montfort Capital funds page |
TIMIA LP II | Closed; 12.8% expected net IRR | ~2019–2022 | Successor lending fund |
Pivot Financial acquisition | Undisclosed | Sep 2021 | TIMIA Capital Corp acquired Pivot Financial (specialty private credit) |
Rebrand to Montfort | N/A | 2022 | TIMIA Capital Corp renamed Montfort Capital; TIMIA continued as lending subsidiary |
Arena Investors JV | $100M USD ($95M + $5M) | Jun 2023 | Joint venture to fill SVB lending gap; Arena Investors + Montfort |
TIMIA LP III | Target 13–15% net return | 2024– | 2% management fee, 20% perf fee above 8% hurdle per Montfort funds page |
Round13 acquisition | CAD $6.5M total | Nov 4, 2024 | $4.5M cash + $2M Pivot debt repayment; Round13 added as new equity owner |
TIMIA Capital's capital structure is fund-based — TIMIA does not raise venture equity to fund its own balance sheet the way unicorn-scale fintechs (Capchase, Wayflyer, Clearco) do. Origination volume disclosed in public press: $35.8M USD across 23 facilities in 2022 (42% YoY growth) per Montfort's January 2023 press release. 2023–2024 origination volumes are not individually disclosed; 2025–2026 numbers under Round13 ownership have not yet been publicly disclosed.
By comparison, Founderpath operates a SaaS-recurring underwriting thesis with global geography and faster funding cycles. The differentiator for founders evaluating TIMIA Capital vs Founderpath isn't legitimacy — TIMIA has a 9-year operating history with 80 portfolio companies and 35 exits — it's pricing (Founderpath's 7% starting RPA fee per year and 14% starting Term Loan APR vs TIMIA's 15–18% band), geography (Founderpath funds globally; TIMIA Capital is US/Canada only), eligibility floor ($100K revenue at Founderpath vs $2M+ ARR at TIMIA), and structure (TIMIA Capital's Interest Only balloon vs Founderpath's fully amortizing Term Loan).
Founderpath vs TIMIA Capital: Which is Right for Your Business?
Founderpath and TIMIA Capital both offer non-dilutive capital to SaaS founders who want to avoid equity dilution. Both publish a “no warrants, no PG, no board seats” positioning. The differentiation is pricing, geography, ARR floor, structure (balloon vs no balloon), and funding speed.
Founderpath offers two capital products that map to TIMIA Capital's lineup: a Revenue Purchase Agreement (RPA) — a purchase of future receivables priced at a 7% starting flat discount fee scaling per year, with fixed daily or weekly debits on a set schedule and terms up to 36 months — and a Term Loan with fixed monthly payments at 14% APR starting, terms up to 48 months, no prepayment penalty, no balloon. Founderpath also offers a Merchant Cash Advance for businesses with seasonal cash flows; TIMIA does not have a direct equivalent. Both Founderpath products wire funds in under 24 hours and are available globally.
TIMIA Capital is a credible choice for $2M+ ARR US/Canada SaaS founders who want amortizing senior-debt structure and are comfortable with 4–8 week underwriting cycles. Founderpath's terms are designed for SaaS founders worldwide who want a published rate card, faster funding, a lower ARR floor, no balloon repayment risk, and two product options that map to whichever cash schedule fits the business. See the full TIMIA Capital vs Founderpath comparison table above for a detailed breakdown.
Founderpath is the Fastest Growing TIMIA Capital Alternative
Frequently Asked Questions About TIMIA Capital
Pros: 10+ year operating history (since 2015), Round13-backed, $200M deployed across 80 companies with 35 exits, no warrants, no equity, no board seats, no personal guarantees, no harsh covenants, two product flavors (Amortized 3–6yr and Interest Only 2–3yr with balloon), $500K–$10M per facility, and US + Canada coverage.
Cons: 15–18% risk-adjusted rates, $2M ARR minimum, no published origination/prepayment fee schedule, 4–8 week underwriting, US/Canada-only, Interest Only balloon refinance risk, and no public review footprint.
This comparison was written by the Founderpath team — direct operators with $271M deployed to 727+ SaaS founders — based on TIMIA Capital's publicly available information (timiacapital.com homepage / product pages / get-funded / about pages, the TIMIA LinkedIn profile, Round13's November 2024 acquisition press release, and the Montfort Capital fund-disclosure page) and independent third-party reporting including BetaKit, Newswire.ca, Cantech Letter, and InvestingNews. Public sources are cited with links throughout and below the comparison table.
Disclaimer: All figures in the comparison table are based on publicly available information and independent third-party sources. TIMIA Capital does not publish a standard rate card on its homepage — the 15–18% “risk-adjusted” band is the only public pricing disclosure, and actual fees, origination costs, and covenant terms vary by deal. The financing-specific Customer Agreement is provided post-underwriting and is not public. We recommend that all founders request and carefully review the complete loan agreement before signing with any lender. If you believe any information on this page is inaccurate, please contact us at hello@founderpath.com and we will promptly review and update.
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Connect your integrations, get a real offer with no commitment, and see your monthly payment before you decide. No US-or-Canada-only restriction, no 4–8 week underwriting cycle, no balloon repayment at end of term — and Founderpath's RPA scales linearly per year, so longer terms cost predictably in APR terms.
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