Commonwealth Bank of Australia (CBA) has entered an agreement to acquire cloud-based invoice lending platform Waddle.
CBA has an existing partnership with Waddle through its Stream Working Capital product, which allows business customers to unlock cash tied up in unpaid invoices with a digital cash flow solution connected to business accounting software like Xero, MYOB and QuickBooks.
CBA group executive business banking, Mike Vacy-Lyle, says: “Through acquiring the Waddle platform, we can continue to provide the best integrated digital working capital solution in the market and support more of our customers with faster funding assessments and approvals," he says. "This is a positive step in helping more Australian businesses to maximise cash flow and drive business growth.”
The deal is being structured by the bank's venture-scaling arm, x15ventures.
Toby Norton-Smith, managing director, x15ventures, comments: “We set up x15ventures so that digital native businesses can operate how they’re used to - both culturally and technically - while also getting access to the assets and reach of one of Australia’s leading banks.
“This will bring together a phenomenal product and distribution arm in Stream Working Capital, with the secure technology and operating environment of x15ventures, giving Waddle the flexibility and freedom to continue innovating at pace.”
Finacial terms were not discclosed.