Commonwealth Bank of Australia (CBA) has entered an agreement to acquire the cloud-based invoice lending platform, Waddle.
The move is poised to help more Australian businesses maximise cash flow and drive business growth, as the firms partner to deliver the best possible integrated digital working capital solution.
Both companies already hold a successful relationship with one another, through CBA’s Stream Working Capital product, which allows business customers to unlock cash tied up in unpaid invoices with a digital cash flow solution connected to business accounting software like Xero, MYOB and QuickBooks.
The deal is being structured by the bank’s venture-scaling arm, x15ventures.
Toby Norton-Smith, managing director, x15ventures, comments: “We set up x15ventures so that digital native businesses can operate how they’re used to – both culturally and technically – while also getting access to the assets and reach of one of Australia’s leading banks.
“This will bring together a phenomenal product and distribution arm in Stream Working Capital, with the secure technology and operating environment of x15ventures, giving Waddle the flexibility and freedom to continue innovating at pace.”
Financial terms of the acquisition were not disclosed.
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