Cloud-based lending service platform Waddle is in talks with several banks to convince them to use the software.
The Australian-based FinTech company has already signed a deal with the Royal Bank of Scotland (RBS) to enrich its UK and Irish customers with the software.
Now, Waddle has revealed it’s interested in doing the same on its home turf. Speaking with The Sidney Morning Herald, Simon Creighton, co-founder and director at Waddle, said it’s already in conversation with several Aussie banks and that he’s hoping that they will adopt the company’s solutions too.
Although coming short of announcing if any of those local institutions were any the big four Australian banks, he claimed it would speed up how these banks lend money to small and medium-sized businesses. “Most of the big banks already do this product, they just do it on decades old systems that are in dire need of improvement,” Creighton said.
He argued that any bank signing up to use Waddle’s tools would be able to reduce the number of staff members needed to deal with clients. Creighton claimed that most banks usually need one staff member to deal with 10 clients. However, if Waddle lives up to its co-founder’s promises, banks could reduce that to one worker dealing with 100 customers.
Since being founded in 2014, Waddle has lent A$330m. The FinTech company raised A$30m from an unnamed investor in 2016 and an additional A$4m Series A found in March this year. The round was led by Allectus Capital, the venture capital firm.
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