WADDLE CO-FOUNDERS NATHAN ANDREW AND SIMON CREIGHTON. SOURCE: SUPPLIED.
Sydney-based fintech Waddle is set to be acquired by Xero for $80 million
What is Waddle
Waddle, Founded in 2014 by Nathan Andrews and Simon Creighton, is a cloud-based lending platform designed to help small businesses access working capital. It’s effectively online invoice factoring .
The tech integrates with a business’ accountancy platforms and offers a line of credit based on their own invoices.
In 2018, the startup secured a $50 million wholesale debt facility, and in March last year, it raised $4 million in Series A funding.
In July 2019, just months after its Series A, Waddle announced a partnership with the Royal Bank of Scotland Group in the UK, making the bank one of the first big banks, globally, to offer clients and automated working capital solution.
The six-month pilot project alone saw more than 400 client applications in the UK, and more than £10 million ($18.2 million) in funds loaned.
As of July last year, the startup had facilitated a total of more than $200 million in loans, and had a client base in the hundreds of thousands.
The Deal
Waddle has been an integrated Xero ecosystem partner since 2016, and Xero is looking to acquire it for $80million.
It seems that this will be a win win win
The transaction is subject to closing conditions and is likely to be completed by the end of the year.
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