SME lender acquires invoice finance platform

CML Group has completed its acquisition of an invoice finance platform, after paying $2.25 million in cash and shares.

The parent company of Cashflow Finance and Classic Funding Group has finalised its purchase of online invoice finance platform Skippr for an initial payment of $2.25 million (via a mix of cash and scrip).

Should all earn-out hurdles be met (and depending on performance targets being achieved by December 2022), the deal will gain a maximum transaction price of $6.5 million.

The acquisition will see Skippr’s online invoice finance platform combined into CML Group’s current Cashflow Finance and Classic Funding Group offerings to launch an expanded product.

The platform works by integrating with a client receivables book via accounting technology, such as Xero or MYOB, to provide “transparency over new invoices and efficient approval for funding, simple and automated payment reconciliation and real-time oversight of account transactions”.

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Source: SME lender acquires invoice finance platform – The Adviser