Why it matters: Waddle’s former owner Xero took a $48.5m impairment related to Waddle just four months ago.
CBA has now acquired the invoice financing play, as it looks to challenge NAB in business lending.
Commonwealth Bank has swooped on discounted invoice financing player Waddle, picking up the business just six months after former owner Xero wrote down its carrying value to nearly zero.
Waddle, which in effect buys unpaid invoices off small businesses that need immediate cashflow, has had a partnership with CBA since 2021, when banks began tiptoeing back into the invoice financing space after exiting in the 2010s.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
