Commonwealth Bank of Australia (CBA) has announced that its venture-scaling arm, x15ventures, will acquire cloud-based invoice lending platform Waddle as part of its strategy to provide innovative working capital solutions for Australian businesses. CBA already has a partnership with Waddle through its Stream Working Capital product, which allows business customers to access cash tied up in unpaid invoices through digital cash flow solutions. By bringing Waddle’s technology in-house, CBA aims to accelerate the growth of its Stream Working Capital product while benefiting from Waddle’s automation and flexibility.
Mike Vacy-Lyle, CBA Group Executive Business Banking, believes the acquisition of Waddle will simplify finance for businesses and provide them with easier access to funds. Stream Working Capital offers greater flexibility, simplicity, and faster access to cash flow, which is crucial for many businesses. The acquisition will enable CBA to offer the best integrated digital working capital solution in the market and support more Australian businesses with faster funding assessments and approvals.
Toby Norton-Smith, Managing Director of x15ventures, sees the acquisition as an opportunity to maximize CBA’s investments for the benefit of its customers. The combination of Stream Working Capital’s product and distribution arm with x15ventures’ secure technology will allow Waddle to continue innovating at a fast pace.
x15ventures, founded in 2020, is a venture scaler powered by CBA. Its mission is to build, buy, and invest in startups that can improve the lives of CBA’s 15 million customers. x15ventures operates as a platform that combines cloud technology with strict controls, enabling ventures to innovate in a secure environment and scale with the help of CBA’s assets.
The completion of the acquisition is expected to take place after meeting customary conditions. The move reflects CBA’s commitment to providing cutting-edge working capital solutions and further strengthening its digital offerings for businesses in Australia.
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