CBA Expands Working Capital Offering with x15ventures Waddle Acquisition
(8 September 2023 – Australia) CBA’s venture-scaling arm, x15ventures, has acquired cloud-based invoice lending platform Waddle.
The move is set to accelerate the bank’s provision of leading working capital solutions for Australian businesses. Acquiring Waddle and bringing the technology in-house will enable CBA to accelerate the growth of its Stream Working Capital product, while continuing to benefit from the first class automation and flexibility the Waddle platform is known for.
“Acquiring Waddle further supports the bank’s focus on simplifying finance, making it easier for businesses to access funds through its Stream Working Capital product as well as providing the best digital experiences to its customers” commented CBA Group Executive Business Banking, Mike Vacy-Lyle.
“Access to working capital is vital for many businesses and Stream Working Capital offers greater flexibility, simplicity and faster access to cash flow. We launched Stream Working Capital as a digital solution to use outstanding invoices as loan security, with the loan size reducing as invoices are paid. This digital end-to-end solution was a first for a major Australian bank” Mr Vacy-Lyle added.
“The acquisition was a great opportunity to maximise existing CBA investments for the benefit of its customers. 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” x15ventures Managing Director Toby Norton-Smith said.
“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. We look forward to welcoming Waddle to x15ventures and helping them continue to realise their ambitions to scale and support more small businesses” Mr Norton-Smith added.