Fluidly, a cashflow management company, has netted £5m in its latest equity financing round.
The funding was led by Nyca Partners, which previously invested into the company’s £2m seed round last year. Other contributions to the round came from Octopus Ventures, Anthemis and tech angels Simon Murdoch and Charlie Songhurst.
Law firm Ashfords served as the advisor to Fluidly for the transaction.
Fluidly, founded in 2016, is a SaaS-based solution which utilises machine learning technology to improve cashflow management for SMEs. Through its AI technology, the company helps SMEs to forecast and manage their cashflow, with tools to establish financial modelling.
Its solution can automate emails and call scheduling to ease credit controlling and ensure outstanding payments and invoices are cleared.
This investment will be used to expand the FinTech’s team of engineers and data scientists to support the growth of the product. Capital has also been earmarked for building upon its sales and marketing capacity.
Caroline Plumb, founder and CEO of Fluidly said: “It was fantastic having support and advice from Ashfords during 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’s seed round bagged £2m and was led by Octopus Ventures, and also witnessed a contribution from Anthemis an angle investor Hank Vigil.
Copyright © 2018 FinTech Global
