Caroline Plumb, founder of Fluidly
The funding round brings the total amount invested in the London-based fintech start-up to £2.375m.
Fluidly, a London-based fintech start-up which aims to revolutionise cashflow management for SMEs, has completed a £2m seed funding round.
The platform helps SMEs predict and optimise their cashflow, starting with collecting cash faster through intelligent credit control.
The SaaS platform integrates with cloud accounting packages and, from 2018, will integrate with the Open Banking APIs.
This seed round has been led by Octopus Ventures, with other investors including specialist fintech VCs Anthemis and Nyca Partners.
The new funding will be used to expand the team of engineers and data scientists working to advance the product, and also to build sales and marketing capacity.
Fluidly has been in private alpha with a number of customer and accounting development partners. A full market launch is planned with leading cloud-accounting package Xero at Xerocon in October.
The business was founded last year by Caroline Plumb, a serial entrepreneur who has personal experience of the painpoint.
She said: “After running businesses for over 15 years I know one of the most time-consuming and stressful aspects is forecasting and managing cashflow, most of which is highly manual and uncertain.
“Fluidly is about helping businesses sleep more soundly by getting them paid faster and providing certainty and peace of mind over finances.”
Will Gibbs, investment manager at Octopus Ventures, which led the funding round, 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.”