Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

SME lender acquires invoice finance platform

handshake join ta handshake join ta
Annie Kane 5 minute read

CML Group has completed its acquisition of an invoice finance platform, after paying $2.25 million in cash and shares.

The parent company of Cashflow Finance and Classic Funding Group has finalised its purchase of online invoice finance platform Skippr for an initial payment of $2.25 million (via a mix of cash and scrip). 

Should all earn-out hurdles be met (and depending on performance targets being achieved by December 2022), the deal will gain a maximum transaction price of $6.5 million.

The acquisition will see Skippr’s online invoice finance platform combined into CML Group’s current Cashflow Finance and Classic Funding Group offerings to launch an expanded product.

Advertisement
Advertisement

The platform works by integrating with a client receivables book via accounting technology, such as Xero or MYOB, to provide “transparency over new invoices and efficient approval for funding, simple and automated payment reconciliation and real-time oversight of account transactions”.

As first announced in July, the acquisition aims to help CML access smaller clients (with receivables books below $200,000) more profitably and “improve client retention through a better and more automated user experience for existing and new clients”.

CML’s expanded product will be launched next month under a new brand, which is currently being developed.

Speaking to The Adviser following the announcement, CML Group CEO Daniel Riley revealed that the expanded product will “improve accessibility of invoice finance for a wide segment of SMEs, with streamlined onboarding and a largely automated experience for clients”.

He said: “For the first time, CML will make the product available to businesses selling to consumer customers (previously, CML financed clients with B2B sales only). This will broaden CML’s addressable market and provide a tool for many businesses to offer credit terms to consumer clients – for example, tradies will be able to utilise the product to offer credit terms to residential clients.”

PROMOTED CONTENT


Mr Riley concluded: “CML is preparing to launch its expanded product to brokers and believes the expanded product can support many businesses across a broad credit spectrum in the months ahead.”

[Related: ScotPac and CML merger off the table]

SME lender acquires invoice finance platform
handshake join ta
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Work smarter, not harder, in 2022 and beyond, visit the website here to secure your ticket.

handshake join ta
Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

more from the adviser
Beau Bertoli Greg Moshal 863x385jpg

Breaking News

Prospa squares up against banks, expands SME loan

The ASX-listed lender has flagged a new “all-in-one” business...

small business owner ta

Breaking News

Business credit demand bounces back in NSW

Data from the initial days of NSW reopening after lockdown has sh...

suburb

Breaking News

Hot Property: The biggest property headlines from the week 18-22 October

The weekly round-up of the biggest news stories from across Momen...