12.9 C
Sunday, May 26, 2024
HomeBankingCommonwealth Bank of Australia snaps up business lending platform Waddle from Xero

Commonwealth Bank of Australia snaps up business lending platform Waddle from Xero


Commonwealth Bank of Australia (CBA) has acquired the cloud-based invoice lending platform Waddle through its venture-scaling arm x15ventures.


  • CBA acquired Waddle, a Sydney-based fintech founded in 2014, which connects small businesses with working capital through digital cash flow solutions.
  • Waddle’s technology enables financial institutions to provide invoice finance to firms by integrating with business accounting software like Xero, MYOB, and QuickBooks.
  • Xero previously acquired Waddle for AUD 31 million in August 2020 but decided to exit the company in March 2023, resulting in impairments and costs.
  • CBA’s acquisition of Waddle aims to strengthen its digital lending capabilities and offer businesses faster and more flexible cash flow solutions.
  • The bank had previously partnered with Waddle for its Stream Working Capital offering, and bringing the technology in-house will accelerate product growth.
  • Mike Vacy-Lyle, CBA group executive business banking, sees the move as supporting the bank’s focus on simplifying finance and providing faster funding assessments and approvals.
  • The transaction is expected to be completed “reasonably soon,” pending customary closing conditions.

Related stories

FE fundinfo snaps up wealth management fintech Dericon

Acquisition Details:Acquirer: FE fundinfo, a UK-based financial...

LGT in Liechtenstein taps Finastra for instant payments

Partnership Announcement:Entities Involved: LGT (private banking and...

Spanish paytech PayRetailers acquires Transfeera to drive Brazilian expansion

Overview:Acquirer: Spanish paytech PayRetailers. Target: Transfeera, a Brazilian...

Santander and Iberpay in Spain join EPC’s OCT Inst scheme as inaugural participants

Overview:Participants: Spanish banking giant Santander and payment services...


- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories