Staff Writer AccountingWEB
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Tech Lowdown: Xero, FreeAgent and Revolut

This week, our tech round-up features an acquisition from Xero, a FreeAgent partnership and a new payment product from Revolut.

1st Sep 2020
Staff Writer AccountingWEB
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Xero acquires Waddle

Xero has recently bought cloud-based invoice lending platform Waddle for AUD $31m, plus an estimated AUD $49 subsequent earnout payments based on product development and revenue milestones.

Australia-based Waddle has a base of UK small businesses, to which it provides access capital through invoice financing. Waddle also has a small direct lending portfolio used mainly for product development.

“The acquisition of Waddle is an important step in our strategy to help small businesses better manage cashflow and gain access to working capital, “ said Xero CEO Steve Vamos. “Waddle’s lending platform has the potential to enable a wide range of banks, fintechs and other lenders to better support small business financial needs.


FreeAgent partner with Hiscox

FreeAgent and NatWest have partnered with global specialist insurer Hiscox, enabling FreeAgent customer to obtain Hiscox insurance quotes from within the FreeAgent platform. 

The move is the most recent step in a wider NatWest and FreeAgent strategy to use Open Banking data, AI and other fintech integrations. The partnership will enable FreeAgent to better understand how through ‘smart’ AI, financial data can identify business owners requiring insurance, generate quotes to fit specific requirements and facilitate purchases. 

“We hope [this] will be a game-changer when it comes to small business insurance,” said FreeAgent CEO Ed Molyneaux. “Not only will we be able to provide smart quotes from Hiscox to our customers based on their individual requirements, but we’ll also be able to facilitate the whole insurance purchase journey from right inside our software. 

“We also want to fundamentally change the way that small businesses actually interact with their insurance – by removing the need to manually update policies as major business changes occur and spelling an end to the annual renewal process,” he added. 


Revolut launches Group Bills

Revolut recently announced the launch of bill-splitting app Group Bills – allowing users to track, split and settle up expenses in one place. 

Revolut customers can use Group Bills to add and track multiple bills – and when it’s time to settle the bill, the app calculates all the splits and allows instant transfers for Revolut customers.

Customers can decide how much of a bill each person needs to pay and customise their Group Bills profile with a name and photo.

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