Cashflow optimisation platform Fluidly has closed a £2m seed investment led by Octopus Ventures.
Other investors to the round included Anthemis and Nyca Partners as well as leading angel Hank Vigil.
Founded in 2016, Fluidly uses machine learning technology to automate and optimise cashflow for businesses. The SaaS platform currently integrates with cloud accounting packages and as from next year it will also join with open banking APIs.
Fluidly has been in private alpha with various customer and accounting development partners, with a full market launch planned with cloud-accounting package Xero at Xerocon in October.
The capital will be used to expand the company’s team of engineers and data scientists working to help advance the product. This equity will also be used to build Fluidly’s sales and marketing capacity.
Octopus Ventures investment manager Will Gibbs said, “We see SMEs succeed or fail as a result of cashflow management, and Fluidly provides the tools to address this significant pain point. The implementation of the second Payment Services Directive next year will unlock innovation in the payments sector, and Caroline and the Fluidly team are capable of leading the way in this space for UK FinTech.”
This latest round of funding has brought the total capital raised to £2.375m, with the company initially having an angel round last December. Contributors to the round came from tech-investors Simon Murdoch, Andrin Bachmann, Harry Briggs, William Reeve and female founders fund AllBright.
Other companies in Octopus’ portfolio include cybersecurity platform BehavioSec, payment processor Mi-Pay, and open banking network Token.
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