Fluidly secures a £5m grant from Banking Competition Remedies Ltd to advance artificial intelligence tools for small businesses.
The funding comes from Pool D of the Capability and Innovation Fund to support financial technology relevant to small and medium enterprises.
Fluidly provides cashflow management software for small businesses, utilising artificial intelligence to improve financial oversight and forecasting. The London based fintech connects directly with company accounts to help owners manage their working capital.
London based financial technology startup Fluidly has secured a £5m grant from Banking Competition Remedies Ltd. The funding was awarded through Pool D of the Capability and Innovation Fund, which forms part of the RBS Alternative Remedies Package designed to support financial services innovation for small businesses.
The capital will be directed towards accelerating the development of the firm artificial intelligence software, supporting data science capabilities, and furthering expansion plans. As part of its commitments, the company intends to connect 400,000 small businesses to its platform by September 2022 and deliver over 20,000 hours of cashflow advisory training in collaboration with accountants.
This award follows a £5m Series A round raised in November 2018 led by Nyca Partners. The latest injection of non-dilutive funding reinforces the company ongoing efforts to transform financial management for smaller enterprises.
From the founder
"Fluidly works to help SMEs sleep better at night, by providing control, certainty and confidence around cashflow. We’re thrilled to have been awarded this £5m grant by BCR to scale our impact and support for businesses."
Caroline Plumb
CEO and Founder at Fluidly
Use of funds
- 01Continue product development
- 02Fund research and development
- 03Expand into international markets