Commonwealth Bank (CBA) has announced that its venture-scaling arm, x15ventures, will be acquiring cloud-based invoice lending platform Waddle. This acquisition reflects CBA’s commitment to provide leading working capital solutions for Australian businesses.
The acquisition of Waddle will enhance CBA’s existing Stream Working Capital product, which allows businesses to access cash tied up in unpaid invoices through a digital cash flow solution integrated with accounting software like Xero, MYOB, and QuickBooks. Bringing Waddle’s technology in-house will enable CBA to accelerate the growth of its Stream Working Capital product while benefiting from the platform’s automation and flexibility.
Mike Vacy-Lyle, CBA Group Executive Business Banking, stated that the acquisition of Waddle aligns with the bank’s goal of simplifying finance and making it easier for businesses to access funds. He also highlighted the importance of working capital for businesses and how Stream Working Capital offers greater flexibility, simplicity, and faster access to cash flow.
To Norton-Smith, Managing Director of x15ventures, expressed excitement about the acquisition, seeing it as an opportunity to combine the strengths of Stream Working Capital with the secure technology and operating environment of x15ventures. By integrating Waddle into x15ventures, the aim is to provide small businesses with the freedom and flexibility to innovate and scale.
The completion of the acquisition is expected to occur in the near future, following the fulfillment of customary conditions. This move showcases CBA’s dedication to supporting Australian businesses in maximizing their cash flow and driving growth.
Source: Commonwealth Bank (CBA)