The funds will be utilised to “aggressively” scale the platform in Australasia and accelerate the integration of Waddle’s global financial services partners.
Waddle says the raise will support its mission to simplify working capital for SMEs by automating the entire credit process through integration with cloud accounting and enterprise planning systems.
According to Waddle, the completion of the funding round builds on a significant year for the company, including the rollout of international bank platform partnerships, strong lending growth and closing a $50 million wholesale debt facility.
Waddle co-founder Simon Creighton said: “Cloud accessible data and the broader digital economy is quickly transforming how SMEs think about and solve their working capital constraints.
“Allectus shares our vision of leveraging data and automation to provide SMEs with simple and cost-effective access to capital. I’m thrilled to have them join the team. The support we will receive from this global organisation as we build out with partner banks will be invaluable.”
Allectus is a global technology investor that focuses on fintech, artificial intelligence and automation, identity and security and digital health, and oversees A$400 million of assets across the Asia Pacific, UK and US. The company is managed and owned by ICM Limited, an international fund manager and corporate finance adviser with seven offices globally, It directly and indirectly manages US$18 billion in funds.
ICM portfolio manager Jason Cheong said: “We believe Waddle presents an incredible value proposition for SMEs by providing best in class user experience, live credit assessment and digital account management. We see a great opportunity to grow the business alongside trusted financial services partners and leverage our technology ecosystem.”
As part of the transaction, ICM chief information officer Pierre De Villecourt will join the Waddle board.