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Fintech start-up wins £5m in RBS competition funding to unlock AI for SMEs

by Peter Smyth Tech Journalist
14th Jun 19 12:37 pm

London-based fintech start-up Fluidly has been awarded £5m as part of the RBS Alternative Remedies Package. The grant is one of five from Pool D of the £425m Capability and Innovation Fund (CIF) that forms part of the £775m package, which is administered by Banking Competition Remedies Ltd (BCR).

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. CIF Pool D grant money aims to facilitate the commercialisation of financial technology relevant to SMEs.

Following on from its £5m Series A investment in November 2018 led by Nyca Partners, the £5m BCR 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 also bringing together the wider banking and fintech ecosystems.

As part of the various public commitments the company laid out in its BCR bid, 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.

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