Xero announced the acquisition of Waddle, a cloud-based invoice lending platform. Waddle helps connect small businesses to invoice finance, a form of secured lending that relies on a business’s unpaid invoices(Xero).
The acquisition of Waddle is an important step in the company’s strategy to grow Xero small business platform and to help customers better manage cash flow and gain access to working capital as needed.
Waddle’s lending platform has the potential to enable a wide range of banks, fintechs, and other lenders to better support small business financial needs.
Welcome, Waddle
Founded in Australia in 2014, Waddle’s lending platform service allows banks, fintechs and other lending partners to easily and quickly deliver invoice finance to small businesses that have elected to share their accounting data to enable a loan.
Waddle will remain a standalone company, however together the two brands will jointly explore ways to expand their small business customers’ access to forms of lending beyond invoice finance. Waddle’s lending platform has huge potential and the two companies are excited about their future together.
A flexible solution for small business and lenders
For businesses looking to manage gaps in cash flow, Waddle provides a flexible, ongoing line of credit based on their invoices, with no minimum contract period. Borrowers typically receive funds the same day.
For lenders, Waddle’s platform helps to automate many of the manual processes involved in invoice finance.
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Source: Xero / Waddle
