Following a year of strong momentum, Ooodles – the UK fintech turning IT procurement on its head by redefining how the 25 million underserved SMEs access tech – announces its first international expansion to Ireland. It’s also announcing a £2.1 million funding extension from āltitude VC, Europe’s first SME tech fund, with participation from existing investors and Traditum, a Private Investment Office with principals from IT and banking.
The funding will enable Ooodles to double down on its full-stack, AI-powered proprietary tech, Ooodles OS, while the international expansion will open Ooodles’ hyperflexible, customisable, on-demand IT plans to over 309,000+ Irish SMEs for the first time.
These milestones come after the London-based startup achieved 24 months of consistent, month-on-month growth. Today, hundreds of SMEs – from architects to designers, AI companies, marketing and digital agencies, high-end manufacturers, security firms and more – trust Ooodles for their tech needs, with a market-defining 96% retention. Nine out of 10 of these SMEs recommend the platform and with further European expansion planned, Ooodles is on track to triple this customer base in the next year.
The Ooodles Way
Unlike outdated leasing or buying models, Ooodles offers a new way – the Ooodles way. Its fully customisable, Pay-As-You-Go model combines the immediacy of buying with the flexibility of leasing. Starting at just £3 per month extra, SMEs get the option to extend or shorten lease terms without penalties, instantly adjust their fleet of devices to the price that suits them best, and even receive back-paid credit if the new plan is cheaper. That sets a completely new standard of flexibility in the industry!
To put the impact of this flexibility into perspective, IT devices are renewed, on average, every 26 months on Ooodles, compared to the five-year industry standard. Three quarters (73%) of SMEs regularly upgrade hardware to higher specs with Ooodles, and 87% of clients have upgraded their contracts to access the full flexibility options. At the same time, there are 25 million SMEs that are vastly underserved when it comes to leasing.
From a single platform, these SMEs can then sort everything from credit approvals to inventory management and upgrades in a few clicks, and with full transparency. Ooodles removes repair and end-of-life hassles – addressing the growing sustainability demands of businesses and consumers – and uses AI to help SMEs build fleets of devices that best meet their needs.
By only paying for the tech they need, when they need it, while sustainably getting rid of what they don’t, SMEs not only save money but free up cash flow. They can be more agile in response to changes and demands. It keeps teams motivated and at the forefront of security, removes the burden of accounting for devices, and feeds into global efforts to reduce e-waste.
Market differentiator
This is only possible because Ooodles owns every stage of the journey, from the money to the leasing to the tech, and because of the AI edge gained from its Ooodles OS. As a licensed fintech, it doesn’t rely on third-party platforms or brokers – a critical differentiator that elevates Ooodles in a global IT leasing and financing market worth $465.8bn. Its use of AI transforms the efficiency and profitability of its platform. Plus, by controlling the tech, Ooodles has direct access to 10,000+ products, all of which can be pre-configured and delivered the next day. This gives SMEs the invaluable benefit of business continuity, while giving Ooodles full control of reusing, refurbishing and recycling devices once returned.
Since launch, thousands of devices have been recycled and repurposed by Ooodles as part of its virtuous reuse-recycle loop. This takes the startup far beyond the limitations of second-hand platforms in a way that not only benefits the ESG ratings of its customers, but also the planet. The platform plans to be fully carbon-neutral by 2026.
Building on momentum
Ooodles' deep understanding of the challenges faced by SMEs, and the tech needed to solve them comes from its founders, CEO Leonardo Poggiali and CTO Kannan Reghu. Having met at rental unicorn Grover, the pair has spent 15+ years scaling startups across Europe and Asia. The firm is backed by leading investors, including Smart Lenders Asset Management following its £10 million funding last year, and Ooodles has activated credit lines of more than £4 million over the past year alone to help businesses boost their cash flow.
