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The lender, formerly known as Invoice Finance Group (IFG) has rebranded to WeDo Invoice Finance, while offering additional support for Australian small- to medium-sized enterprises (SMEs).
The lender has confirmed that the rebranding came into effect as of 1 July 2024.
Managing director of WeDo Invoice Finance, Wayne Smith, said that the rebranding was “a logical step” for the business, which has been part of an international group that was established in the UK in 2019.
“These are exciting times for our business and our clients, as we’ll have more ways to help them,” Smith said.
“In October 2022, WeDo Business Services (Australia) Pty Ltd invested in IFG as part of an arrangement that would see it acquire the business in full over a two-year period.
“That process has now been concluded ahead of schedule and as we enter the new financial year, on the back of a record quarter (around 50 per cent up on the previous year), the timing is right for the business to take this next step.”
According to the managing director, WeDo Invoice Finance’s Australian target market is businesses with turnover of up to $5 million who need cash flow support on a temporary or a permanent basis.
“With our full-service offering on stream from July 1, WeDo has the ability to support businesses in all stages of the typical life cycle – from start-up to turnaround, including those which may have challenging credit profiles due to adverse events that may have been outside of their overall control,” Smith said.
The “WeDo” branding in the UK is “synonymous with helping small businesses with an overarching support package” across finance, back-office support, HR, IT, and digital marketing, the lender said.
WeDo’s CEO in the UK, Mark Lindsay, said: “Wayne and the whole team have done a great job in transitioning the business through the investment, acquisition and exiting of the outgoing management/former owners.
“In a family-run business this is never easy, but having completed this phase of the journey, we are looking forward with excitement for the next stage and continued growth.”
New lender enters the fray
This rebranding comes as another lender, Nero Private, recently announced an alternative credit solution catering to Australian SMEs.
The boutique non-bank lender launched its first private debt fund that aims to support SMEs while offering investors a secure portfolio with stable and attractive/secure returns.
[RELATED: Nero Private announces alternative credit solution]
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