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Debtor financier Waddle has become the latest lender to join Connective’s asset finance panel.
Connective Asset Finance has announced that Waddle, which specialises in debtor finance, has joined its panel of lenders.
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Waddle is a non-bank lender that allows businesses to pay employees and creditors and purchase inventory and equipment when there’s a shortage of capital by letting them borrow money against unpaid invoices. The amount of working capital a business can gain access to depends on their accounts receivable.
Waddle’s online platform is able to issue a pre-approved credit limit once the customer (or the broker on behalf of the customer) clicks “get an offer”, and funding can be unlocked in less than 24 hours.
This is achieved through faster-than-traditional credit assessments, as the lender is able to assess business’ data in real time once provided access to their Xero, MYOB and Quickbooks accounts. The lender looks at data such as that contained in invoices, credit notes, bank transactions, payments, profit and loss statements, and balance sheets.
Waddle is reportedly popular with wholesale, import and export businesses, manufacturers, transport and logistics companies, and recruitment and labour hire firms.
The debtor financier joins the likes of peer-to-peer lender RateSetter, which provides the aggregator’s broker network with access to low-rate online car loans.
Connective in April had also announced entering into a strategic partnership with asset finance aggregator Money Resources Group (MRG), which supports 20 brokerages, that will see MRG leverage Connective’s technology and compliance expertise to support its own growth.
[Related: Aggregator and P2P lender launch online car loans for brokers]
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