What’ll Waddle do with $4m injection?

Small business lender fintech start-up Waddle will step up its efforts to crack overseas markets and take a larger share of the big four bank’s local market share after closing a $4 million series A funding round.

The funds, sourced from tech venture capital firm Allectus Capital, will be used to grow the fintech’s footprint in Australasia and push forward with its plans to integrate with overseas banks.

“We are seeing strong demand from banks looking to digitise their working capital product offerings by partnering with fintechs with proven models,” said Simon Creighton, co-founder of Waddle.

While it is the first major external venture-style funding round, co-founder Simon Creighton is no stranger to raising capital, having previously closed a $50 million debt funding round in 2017 to provide the capital for its loans.

With a pilot program with an unnamed international bank already underway, Mr Creighton said Waddle’s next move will be to replicate the same program with other global banks. Mr Ceighton said he expected the $4 million injection to meet the lender’s “short- and medium-term” expansion strategy and is not planning to conduct any future funding rounds.

Waddle, a cloud-based SME lender, integrates with the accounting platforms such as Xero, MYOB and Quickbooks already used by its customers to create a credit line based on the business’ invoices. The customer’s credit limit is adjusted automatically as invoices are raised and paid.

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