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

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

Date:

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

Facts

  • 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.

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