UK FinTech startup Hydr has launched an invoice finance platform focused on tackling ‘poor payment culture’ among SMEs.
According to Business Manchester, the invoice finance platform will be focused on helping small businesses manage their cash flow with fully digital onboarding, funding decisions in real time, fixed fees and transparent terms. It also pays 100% of an invoice value within a 24-hour period.
The Manchester-based firm has also partnered with small business platform Xero to help build a seamless integration for customers. Once users are connected to Xero, decisions for funding are provided in real time, with businesses able to create their invoices in one effortless step. From here, a fixed fee is calculated for the invoice with the company taking care of the rest.
Hydr co-founder Nicola Weedall said, “The success of a business shouldn’t be determined by its ability to wait for payment. I’ve seen first-hand the transformative impact that managing cash flow has, so we remove the barrier of waiting for payment by paying invoices in full within 24 hours. Our technology securely simplifies the whole process, end to end, with transparency and simplicity at the heart of our proposition.”
Fellow co-founder Hector Macandrew added, “We have created Hydr to change how we think about two things; the almost cultural acceptance that late payments just happen in this economy, and that invoice financing is only considered as a last resort.
“With Hydr as your partner, you never have to worry about long or late payments again. Invoice financing done properly is a powerful tool to optimise cash flow, enabling business leaders to plan their future with confidence.”
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