Waddle Integration With Xero Transforms Invoice Financing
Media Release Waddle Loans Pty Ltd (Waddle) has today announced a first-of-its-kind invoice financing product that integrates with Xero’s cloud accounting software. The solution is available through Xero’s Australian add-on marketplace giving small business owners a simple way to fix their cash flow by establishing a revolving line of credit based on the businesses unpaid invoices within Xero. This new financing solution enables small businesses to use their Xero data to boost cash flow by drawing funds against unpaid invoices the instant they are created, automating every aspect of the financing through a two-way real-time data exchange made possible by the connection. The new offering transforms the traditional “factoring” system, whereby small businesses sell outstanding invoices to a third party financier in […]
Banks and fintechs at war over password sharing
Micro investment company Acorns has accused ANZ Banking Group and other banks of telling customers they can’t share account passwords with the start-up, retarding its growth. Fintech Australia, the new lobby group for financial services start-ups, has formed an “open data subcommittee” to push for changes to the ePayments Code to make it clear that bank customers can give passwords to fintechs without banks having to provide approval. Sharing passwords with fintechs is a legal grey area. Acorns, which invests small change in exchange traded funds, lets users see their bank account activity and round up transactions to the nearest dollar. The app then invests the “change” in an investment […]
Ron Brierley backed fintech Afterpay oversubscribed
The bookbuild for Afterpay, the fintech start-up backed by corporate raider Ron Brierley and a host of alumni from his former Guinness Peat Group, has closed up to four times oversubscribed ahead of its listing on the Australian Securities Exchange next month. Afterpay is raising $25 million but had commitments for up to $100m in the process being run by Bell Potter and Wilson HTM, as first revealed by DataRoom yesterday. The company, which facilitates online transactions for consumers and merchants by providing a real-time, buy-now, pay-later credit service, has more than 40,000 end customers, up from 4000 last June. It has underlying annual sales of more than $30m. The […]
