Fluidly integrates with accounting packages to help optimise cashflows for small businesses.
Fluidly has secured a £5m Series A round, led by Nyca Partners, a New York-based venture fund. Octopus Ventures, Anthemis and a number of angel investors also participated in the round.
The money will be used to hire more engineers and data scientists, as well as for building the sales and marketing teams.
Fluidly is a software-as-a-service (SaaS) business that plugs into cloud accounting packages and Open Banking APIs to help small businesses optimise their cashflows. It describes cashflow as the single biggest pain-point facing SMEs. Using machine learning, Fluidly hopes to help these businesses predict future cashflows and thus better inform their decision making.
Fluidly’s founder and CEO Caroline Plumb (pictured front row, middle) said in a statement: “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.”
Fluidly is already working with nine of the UK’s top accounting firms to help reach SME customers. The firm is also partnered with a number of cloud accounting software providers, and claims it is one of the fastest-growing apps on Xero’s marketplace and a ‘Champion-level’ partner on Sage.