– UK, London – Fluidly, one of the 20 winners of the Nesta Challenge Prize on Open Banking in July 2017, has secured £5 million in Series A funding. The round was led by New York-based Nyca Partners with participation from existing investors Octopus Ventures, Anthemis and tech angels including Simon Murdoch and Charlie Songhurst.
The London-based Fintech startup is working to deliver intelligent cashflow management for SMEs. Fluidly says that cashflow management is the single biggest financial pain-point for SMEs. 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.
Since launching a year ago, Fluidly says it has grown rapidly and is now working with nine of the top 20 UK accounting firms to reach thousands of SME end users. Fluidly has also formed partnerships with leading cloud accounting software providers.
Founder and CEO Caroline Plumb commented on the funding round saying it has been an exciting year for her company: “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.”
Plumb is also one of the Prime Minister’s Business Ambassadors, representing the Professional Services sector, and serves as a non-executive director of AIM-listed Mercia Technologies. She previously co-founded FreshMinds, an innovation consultancy, and FreshMinds Talent, a recruiting business.
Concurrent with the funding, Bruce Wallace will join the Board of Fluidly.
Caroline Plumb commented: “Bruce Wallace is welcomed to our board and we to working with him. Bruce is the former COO and Chief Digital Officer of Silicon Valley Bank and brings a wealth of banking, finance and fintech experience. He’s also on the board of London-based fintech Revolut.”
“We are thrilled to have joined Fluidly on their journey as they grow into a major AI/ ML player in the financial technology industry. Cashflow management for SMEs is an area that is long overdue for the kind of innovation that Fluidly is providing, and we look forward to supporting them as they focus on new product development and expansion of their impressive customer base.” said Hans Morris, Managing Partner at Nyca.
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