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Xero acquires Waddle to help improve small business lending

Wednesday 2nd September, 2020

Xero has announced the acquisition of Waddle a cloud-based invoice lending platform. Waddle helps connect small businesses to invoice finance, a form of secured lending that relies on a business’s unpaid invoices.

The acquisition of Waddle is an important step in our strategy to grow Xero’s small business platform and to help our customers better manage cash flow and gain access to working capital as needed, the company said.

Waddle’s lending platform has the potential to enable a wide range of banks, fintechs and other lenders to better support small business financial needs. We’re excited about the benefits Waddle can bring to small business and our banking partners.

Founded in Australia in 2014, Waddle’s lending platform service allows banks, fintechs and other lending partners to easily and quickly deliver invoice finance to small businesses that have elected to share their accounting data to enable a loan.

"Waddle will remain a standalone company, however together we will jointly explore ways to expand our small business customers’ access to forms of lending beyond invoice finance. Waddle’s lending platform has huge potential and we’re excited about our future together.

We will continue to support Xero’s open ecosystem, with over 200 financial services partnerships and API connections. Xero customers can select the apps and lending products that best meet their needs. We believe choice benefits our customers.

In these times, small businesses need support more than ever and we look forward to the next steps in our future with Waddle and opening new avenues of capital to small business." Xero said.

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