A Sydney-based fintech outfit is opening an Auckland office, claiming banks are yesterday’s news
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Sydney-based fintech business, Waddle, has announced its plan to expand in New Zealand.
Waddle, founded in 2014, is a cloud funding software which removes third parties or bankers from the equation.
“We’ve had significant demand from New Zealand SMEs, averaging one application per day, without any active marketing of the service,” Waddle co-founder Leigh Dunsford told The Australian.
“As we have approved a number of New Zealand accounts, it is important for us to establish a presence as soon as possible to service demand,” Dunsford said.
The product allows small-to-medium enterprises to spend less time liaising with finance companies and more time growing their business, Waddle co-founder Simon Creighton said.
“Typically, businesses operate within the lenders’ third-party software and manually upload invoices, scan and email supporting documents to the lender on a daily basis,” he said. “It is then a manual step for businesses to get payments and transaction information back in their accounting software, with hidden costs unbeknown to them until after an agreement is entered into.”
The fintech outfit said it has now funded over $200 million in receivables over the past 12 months, with approximately 60,000 B2B companies in Australia, The Australian report said.
Waddle, founded in 2014, is a cloud funding software which removes third parties or bankers from the equation.
“We’ve had significant demand from New Zealand SMEs, averaging one application per day, without any active marketing of the service,” Waddle co-founder Leigh Dunsford told The Australian.
“As we have approved a number of New Zealand accounts, it is important for us to establish a presence as soon as possible to service demand,” Dunsford said.
The product allows small-to-medium enterprises to spend less time liaising with finance companies and more time growing their business, Waddle co-founder Simon Creighton said.
“Typically, businesses operate within the lenders’ third-party software and manually upload invoices, scan and email supporting documents to the lender on a daily basis,” he said. “It is then a manual step for businesses to get payments and transaction information back in their accounting software, with hidden costs unbeknown to them until after an agreement is entered into.”
The fintech outfit said it has now funded over $200 million in receivables over the past 12 months, with approximately 60,000 B2B companies in Australia, The Australian report said.
