London-based fintech Ooodles ventures into the Irish market with a £2m funding boost.
- The expansion marks the company’s first international move, targeting over 300,000 Irish SMEs.
- Backed by āltitude VC, Ooodles plans to enhance its AI-driven technology.
- Ooodles aims to triple its customer base and achieve carbon neutrality by 2026.
- The company offers flexible, subscription-based IT equipment leases for SMEs.
Ooodles, a fintech company headquartered in London, has announced its initial foray into international markets by expanding its operations to Ireland. This strategic movement is supported by a significant £2m funding round led by āltitude VC, Europe’s pioneering SME tech fund. The company seeks to enhance Ooodles OS, its AI-powered technology with this new financial injection, aiming to increase its reach to more than 300,000 small and medium-sized enterprises (SMEs) across Ireland.
The recent funding comes on the heels of a notable £9.8m investment Ooodles received last year from Smart Lenders Asset Management. Such financial backing has facilitated two consecutive years of steady growth, boasting a remarkable 96% customer retention rate among SMEs. Leonardo Poggiali, co-founder and CEO, envisions this expansion as a stepping stone towards tripling the company’s customer base by next year. Moreover, the company has set its sights on becoming fully carbon-neutral by 2026.
Ooodles differentiates itself by offering a pay-as-you-go model for IT equipment, addressing the inefficiencies of traditional purchasing methods. SMEs can subscribe to Ooodles for essential tech hardware, using it as needed and having the flexibility to return or upgrade it. On average, IT devices are renewed every 26 months under Ooodles’ system, contrasting with the five-year industry norm.
Kannan Reghu, CTO of Ooodles, expressed confidence in the UK market’s traction and views the Irish expansion as merely the beginning of the company’s journey. Reghu highlights the platform’s capability to aid SMEs in creating a customised network of devices. With comprehensive transparency, businesses can easily manage credit approvals, inventory, and upgrades from a singular interface.
The expansion has been warmly welcomed by Ooodles’ investment partner at āltitude, Videesha Boeckle, who commended the company’s commitment to unlocking SME potential. Since its inception in 2021, Ooodles has remained staunchly focused on offering device-as-a-service leases, supported by its robust full-stack and AI-driven Ooodles OS platform.
Ooodles’ strategic expansion into Ireland represents a key step in its growth trajectory, supported by robust funding and a commitment to innovation.
