Fluidly, a London-based fintech startup delivering intelligent cashflow management for SMEs, has completed a £5m Series A funding round.
Fluidly defines a new software category – Intelligent Cashflow. Cashflow management is the single biggest financial pain-point that businesses face, and knowing their future financial position is of critical importance. Fluidly uses machine learning to predict and optimise the future cashflows for SMEs and provides the key to financial decision-making.
Fluidly is a SaaS platform that integrates with both cloud accounting packages and Open Banking APIs.
New-York based Nyca Partners led the round with participation from other investors including Octopus Ventures, Anthemis and tech angels Simon Murdoch and Charlie Songhurst. The new funding will be used to expand the team of engineers and data scientists working to advance the product, and also to build sales and marketing capacity.
Since launching a year ago, Fluidly has grown rapidly and is now working with nine of the Top 20 UK accounting firms, (including BDO, Mazars, Baldwins and Haysmacintyre, as well as numerous smaller accountants) to reach thousands of SME end users. Fluidly has also formed partnerships with international cloud accounting software providers, becoming one of the fastest-growing apps on Xero’s marketplace and a Champion-level Sage partner.
Fluidly’s success has been widely recognized as evidenced by its winning of both “Innovation of the Year” and “Forecasting, Planning & Analysis Software of the Year” in industry awards held earlier this year. It is one of 12 fintech businesses participating in the final phase of Nesta’s Open Up Challenge that concludes at the end of 2018. Fluidly is already a previous winner of Stage 1 which rewarded 20 companies with £100,000 in July 2017 who have developed innovative and credible ideas to transform small business banking.
Founder and CEO Caroline Plumb said: “It has been an incredibly exciting year for Fluidly. We have experienced a phenomenal period of growth and this latest investment will enable us to scale the business even further. Cashflow forecasting and management is the key to financial decision-making – we’re on a mission to help millions of business owners sleep better at night by giving them control, certainty and confidence in their financial future.”