Waddle secures first round funding to support $30 million in new loans
Waddle, a leading online provider of revolving credit lines to businesses, today announced it has secured its first round of debt funding lead by an Australian private investment group to facilitate $30 million dollars in new loan volume over the next 12 months. The funding round marks the first external debt raising since launching in 2014.
Waddle has pioneered a new wave of invoice financing as Australia’s first fully online, cloud-based platform enabling business owners to obtain automatic approvals and ongoing revolving credit lines based on outstanding invoices held in their online accounting packages. Thanks to the seamless integration with cloud accounting providers, a two-way data exchange enables Waddle to have a business funded within 24 hours from the initial connection.
Small business owners can access the cash they need from unpaid invoices to pay bills, purchase inventory, fund payroll or grow their business. Businesses can qualify for credit lines up to $500,000 based on the value of unpaid invoices at any time. Through its online service, Waddle has significantly changed the customer experience that borrowers seeking a receivables based funding solution have to go through with traditional factoring providers, an industry that dates back 4,000 years to King Hammurabi of Babylon.
The funding will be used to grow loan book volume from increased demand and enable the company to continue development with new and existing partners building on further automation, customer experience and mobile development here in Australia.
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