London fintech Fluidly raises £5m to hire new engineers and data scientists

Fintech startup Fluidly has landed a multi-million pound investment to expand its team.

The London-based company generated £5m ($6.5m) in a Series A funding round led by New-York based Nyca Partners, with other backers including Octopus Ventures, Anthemis and tech angels Charlie Songhurst and Simon Murdoch.

Fluidly will use the capital to expand its team of engineers and data scientists, in addition to building its sales and marketing capacity.

Since launching in 2017 the firm has defined a new software category, ‘intelligent cashflow’, by offering a platform that uses machine learning to predict and optimise an SME’s future cashflows.

Fluidly is already working with nine of the top 20 UK accounting firms and numerous smaller accountants to reach thousands of SME end users.

Caroline Plumb, the company’s founder and chief exec, said: “It has been 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.”

She continued: “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.”

Nyca managing partner Hans Morris commented: “We are thrilled to have joined Fluidly on their journey as they grow into a major AI/ ML player in the financial technology industry.

“We look forward to supporting [Fluidly] as they focus on new product development and expansion of their impressive customer base.”

Octopus Ventures investment manager Will Gibbs said: “Cash flow is mission-critical for business, but it’s an area that’s seen little in the way of disruption. Many business owners continue to rely on spreadsheets and guesswork to manage it.

“Fluidly understand that AI can help, allowing businesses to make better forecasts and better financial decisions.”