Ooodles, a London-based fintech, is set to expand internationally, announcing its move into the Irish market.
- The company has secured a £2m funding extension to support this venture, aiding its innovative technology enhancement.
- Ooodles aims to cater to over 300,000 SMEs in Ireland, leveraging its AI-powered tech for seamless operations.
- This strategic expansion follows a £9.8m investment last year, underlining the firm’s consistent growth.
- Ooodles plans to triple its customer base by next year while pursuing carbon neutrality by 2026.
Ooodles, a dynamic fintech company based in London, has declared its first international enlargement, marking its entry into the Irish market. The initiative is bolstered by a £2m funding extension from āltitude VC, supported by existing investors and Traditum. This financial backing is anticipated to significantly reinforce the company’s proprietary technology, Ooodles OS, underpinning its commitment to innovation as part of its growth strategy.
The expansion is strategically poised to serve over 300,000 small and medium-sized enterprises (SMEs) in Ireland. Ooodles provides a distinct value proposition through its pay-as-you-go system, which enables SMEs to rent IT equipment on a flexible basis. By differentiating itself from traditional purchasing models, Ooodles claims to streamline technology access and upgrades for small businesses. This approach is designed to increase efficiency by renewing IT devices approximately every 26 months, contrary to the industry standard of five years.
Ooodles experienced a £9.8m investment last year from Smart Lenders Asset Management. This capital injection facilitated robust continuous month-on-month growth and a remarkable 96% retention rate among its SME clients. With this latest expansion and investment, Ooodles intends to significantly amplify its customer base and ambitiously aims to achieve a fully carbon-neutral operation by 2026.
Co-founder and CEO of Ooodles, Leonardo Poggiali, expressed confidence in their market appeal, stating that their solution resonates with businesses eager to move away from outdated alternatives. Ooodles’s ability to assist SMEs in creating a tailored device network, along with managing credit approvals and inventory, highlights its innovative use of technology for transparent and effective business management.
Kannan Reghu, Ooodles’ CTO, commented on the successful traction in the UK market that has validated their business model. He regards the expansion into Ireland as a promising commencement of broader market engagement. Supporting this optimism, Videesha Boeckle, a partner at āltitude VC, commended the company’s dedication to unlocking business potential through its unique platform.
Ooodles’ strategic expansion to Ireland, underpinned by significant funding, positions the company for widespread SME engagement and future growth.
