Online cash flow lender Waddle has secured a $50 million debt funding facility, as it revealed it almost doubled its lending volume in the last financial year.
The software is integrated into popular small business accounting packages like Xero, Intuit and MYOB to be able to look at which invoices are overdue for its customer. Based on this information, money is instantly lent out at the click of a button.
The Sydney startup saw a 84% spike in lending volume for the 2017 financial year, which exceeded the initially expected mark of $30 million.
Waddle co-founder Simon Creighton said the cloud software product was previously plagued with complexities like factor pricing, contracts and bookkeeping requirements …