Fluidly Raises £2M in Seed Funding to Deliver Intelligent Cashflow for SMEs
Fluidly has completed a £2M seed investment, bringing the total amount it has raised to £2.375M ($3.2M).
Fluidly helps SMEs predict and optimise their cashflow, starting with collecting cash faster through intelligent credit control. The SaaS platform integrates with cloud accounting packages and, from 2018, will integrate with the Open Banking APIs.
This seed round has been led by Octopus Ventures, with other investors including specialist fintech VCs Anthemis and Nyca Partners. 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.
Fluidly has been in private alpha with a number of customer and accounting development partners. A full market launch is planned with leading cloud-accounting package Xero at Xerocon in October.
The business was founded last year by Caroline Plumb, a serial entrepreneur who has personal experience of the painpoint – “After running businesses for over 15 years I know one of the most time-consuming and stressful aspects is forecasting and managing cashflow, most of which is highly manual and uncertain. Fluidly is about helping businesses sleep more soundly by getting them paid faster and providing certainty and peace of mind over finances”
Will Gibbs, Investment Manager at Octopus Ventures said: “We see SMEs succeed or fail as a result of cashflow management, and Fluidly provides the tools to address this significant pain point. The implementation of the second Payment Services Directive next year will unlock innovation in the payments sector, and Caroline and the Fluidly team are capable of leading the way in this space for UK fintech.”
Gary Turner, UK co-founder and managing director at Xero said, “Fluidly is one of the true disruptors of the Fintech industry, so we’re really excited about working together. It’s these types of innovations that allow small businesses to compete on a much larger scale and further contribute to the UK economy.”
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