FinTech Funding

2 months ago, Fluidly, a London-based cashflow management FinTech start-up raised a whopping $5 million in their series A funding, with support coming from firms such as Nyca Partners, Octopus Ventures and Anthemis with Angel investors Simon Murdoch and Charlie Songhurst also providing financial backing. So what made Fluidly eligible for such a successful series A, and what does the future hold for the ‘intelligent cashflow’ start-up?

Fluidly’s Offer

Fluidly is attempting to provide a solution to “the single biggest financial pain-point that businesses face”; cashflow management. What Fluidly’s machine learning-based technology does is essentially predict and optimise future cashflow projections in order to aid in better financial decision making, and in turn increasing profitability in the long term. Thanks to Open Banking (covered in one of our earlier articles) Fluidly can connect with your business accounts and cloud accounting software. “Fluidly is then able to access the transaction-level bank and accounting data and it uses this data to automatically forecast future cash flows by predicting when invoices will arrive, get paid or other payments will be made,” explained co-founder and CEO Caroline Plumb in an interview with TechCrunch. “This gives a business an instant, continuously updated view of their financial future rather than having to model it in a spreadsheet.”

Below is an extract from the Fluidly website:

Cashflow forecasting and management is the gateway to financial decision-making. Whether you want to hire a team member, open an extra office, invest in new equipment or simply pay an upcoming bill it’s important to know you have the cash to afford it. A clear picture of your future cash position is important so you can take the decisions that count.

But traditional cashflow forecasting is broken. Monthly models built on spreadsheets take days to build and hours to update. Even then they are too high level to manage cashflow day-to-day when it really matters. No wonder cashflow is one of businesses biggest pain points.

Enter Fluidly – intuitive cashflow forecasting powered by AI. Fluidly is for modern businesses that want to know exactly what their financial future holds and how to optimise it. Fluidly takes transaction data from your accounting system and uses this to automagically forecast your financial future in minutes and down to invoice-level detail. No more sleepless nights, just complete cashflow confidence.

Fluidly’s Growth

Fluidly has experienced rapid growth, this FinTech started just over a year ago, it now claims to be working with 9 out of the top 20 U.K. Accounting firms, with these including BDO, Baldwins and Haysmacintyre. They have also formed numerous partnerships with cloud accounting software providers.

The FinTech will put these funds towards beefing up their sales and marketing team and to increase the  number of platforms that Fluidly can integrate with. There are also plans to add “smart alerts, scenarios and suggested actions if you might be running into cashflow difficulty,”