Bank of New Zealand (BNZ) has announced a partnership with Waddle by Xero, the innovative invoice finance platform, to launch CashFlow Plus, a new digital invoice finance product for businesses.
CashFlow Plus gives businesses quick and easy access to up to 80% of the value of their unpaid invoices, including the day they were issued. The loan is secured against unpaid bills, which means there is no need to put up additional collateral, such as property.
Karna Luke, Head of Clients, Products and Services at BNZ, says: “Cash is essential for any business, but as economic conditions put pressure on local businesses, it is even more critical for SMEs.
“We strive to help our customers with innovative digital solutions that speed up payments, reduce costs and put money in their hands quickly,” he says.
BNZ is the only leading bank in New Zealand to offer invoice financing as part of its range of business lending options, and the new partnership with Waddle is a complete and digital overhaul of the existing offering of financing BNZ bills.
“We are delighted to partner with Waddle to launch a new invoice financing product, CashFlow Plus. CashFlow Plus is digital through and through. It’s simple, fast and easy to use, able to integrate with leading services accounting software to help customers save time and money,” he says.
Waddle Founder and Director Simon Creighton says, “We are passionate about making it easier for businesses to access the capital they need to grow and thrive. Powered by our technology, CashFlow Plus provides a seamless, best-in-class digital experience for BNZ clients to help them manage cash flow shortfalls effectively.
CashFlow Plus is now available for B2B customers. Existing customers must engage their BNZ partner, while potential BNZ customers can visit the BNZ website to register their interest.
BNZ will be migrating its existing eligible invoice financing customers to CashFlow Plus over the next few weeks and will be contacting all customers directly about the move.
Waddle, a Xero Company, is an innovative invoice financing solution that allows businesses to access money from unpaid invoices. Using custom technology, Waddle can seamlessly integrate with any accounting platform and offer a single credit line to invoices issued by a business. Founded by former school friends Nathan Andrews and Simon Creighton in 2014, Waddle has partnerships with banks and financial institutions around the world and in late 2020 was acquired by global small business platform, Xero.
© Scoop Media