HomeFundingLondon-based fintech Fluidly receives €5.6 million in grant funding to help SMEs...

London-based fintech Fluidly receives €5.6 million in grant funding to help SMEs with cashflow using AI

Cashflow is the single biggest pain point for businesses, and forecasting is key to financial decision-making. London-based Fluidly uses data to predict and optimise finances for SMEs using machine learning with its ‘Intelligent Cashflow’ software.

The fintech has been awarded €5.6 million as part of the RBS Alternative Remedies Package, a fund granted by the EU to the Royal Bank of Scotland and administered by Banking Competition Remedies Ltd (BCR) to promote banking services for SMEs.

Fluidly, which is already connected to thousands of businesses, will use the funding to accelerate the development of its AI-driven cashflow management software and give small businesses better access to emerging technology.

Following on from its €5.7 million Series A in November 2018 led by Nyca Partners, the grant will significantly boost Fluidly’s existing expansion plans, data science capabilities and product roadmap. Fluidly aims to unlock financial data for SMEs and transform how businesses manage their finances, while bringing together the wider banking and fintech ecosystems.

As part of the various public commitments the company laid out in its bid for the funding, Fluidly aims to connect 400,000 SMEs to its platform by September 2022. In particular, Fluidly will work with accountants to offer improved financial support, to help the two-thirds of small business owners losing sleep over cashflow concerns. The company has committed to delivering over 20,000 hours of cashflow advisory training by September 2022.

Other recipients of the grant funding so far include Starling Bank, Metro Bank, ClearBank in partnership with Tide, Nationwide, Investec and Co-op Bank.

“Fluidly works to help SMEs sleep better at night, by providing control, certainty and confidence around cashflow,” said Caroline Plumb, CEO and Founder, Fluidly. “We’re thrilled to have been awarded this €5.6 million grant by BCR to scale our impact and support for businesses. We’re intent on building a product that helps businesses with their most pressing challenge and allow them to benefit from the transformational potential of AI.”

Mary Loritz
Mary Loritz
Mary served as Head of Content at EU-Startups.com from November 2018 until November 2019. She is an experienced journalist and researcher covering tech and business topics.

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