Fluidly is a London-based cashflow management software-as-a-service solution company that announced it raised £5 million in Series A funding. This round of funding was led by New York-based Nyca Partners.
“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,” said Fluidly co-founder and CEO Caroline Plumb. “This gives a business an instant, continuously updated view of their financial future rather than having to model it in a spreadsheet.”
According to TechCrunch, Fluidly is defining a new software category known as “Intelligent Cash” and the company is looking to improve cash flow management for small and medium-sized businesses. Fluidly’s machine learning technology is able to optimize future cash flows for these businesses.
This is done by connecting Fluidly to business bank accounts through Open Banking. And it also supports various accounting software platforms as well. Fluidly is now used by nine out of the top twenty UK accounting firms such as BDO, Baldwins, and Haysmacintyre.
Octopus Ventures, Anthemis, and angel investors Simon Murdoch and Charlie Songhurst also participated in this round. Bruce Morris, the former COO and Chief Digital Officer of Silicon Valley Bank, is also joining Fluidly’s board of directors.
“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 SME’s is an area that is long overdue for the kind of innovation that Fluidly is providing,” added Nyca managing partner Hans Morris.
Fluidly has a monthly subscription model and the company also sells licenses to accounting firms and lenders who package the service for their clients. With this round of funding, Fluidly will be investing in product development and engineering in order to integrate with more platforms and the company plans to launch new insights features..
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