Editor in Chief (interim) AccountingWEB
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Fluidly adds business funding to cashflow app

Fluidly, the pioneer of “intelligent cashflow management” software, has added a portfolio of lenders to its app to create a single platform for forecasting cashflows and accessing business finance.

8th Sep 2020
Editor in Chief (interim) AccountingWEB
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Fluidly adds funding options to cashflow management app
Fluidly funding

Over the summer Fluidly has been quietly testing funding options with a range of finance providers. Now that it has a panel of 30 lenders in place, the company is in a position to bring cashflow forecasting together with debtor management and access to finance when the need arises.

“We’ve always had a vision of complete cash management as a smart layer wrapped around accountancy services,” Fluidly CEO and founder Caroline Plumb told AccountingWEB.

“With the launch of funding, we’ve got a place for everything cashflow – a single app accountants can use to support the whole process. There are so many apps on the market and so many options that make it hard to roll out cashflow as a service. With everything together in one place, accountants can work with one partner.”

Fluidly’s initial finance providers include names such as Funding Circle, NatWest/Esme and iwoca, with other lenders available for secured and unsecured loans, invoice finance and revolving credit facilities.

As part of the “hassle free” service Fluidly is trying to build for accountants, the company registered as a credit broker with the FCA and took on in-house advisers to guide accountant partners and their business clients to the most appropriate finance products. 

In Plumb’s view, adding finance options within Fluidly has come just when businesses need it most. “After this year, I’m not making any forward predictions. But what I do know is there is a potential storm brewing in September. There’s the end of furloughing and coronavirus business interruption loans (CBILS), the end of commercial rent suspensions and the rent quarter day. Plus VAT will need to be repaid again.”

Businesses with bounce back loans may start coming to their accountants if they want to switch over to CBILS – and they will need to act before the end of September, she added. “Businesses without loans will need to decide if need one before Christmas - there’s a lot of stuff that’s going to pressure businesses.

“Before 2020 cashflow and finance advice was regarded as a specialist offering by accountants. Covid changed that - now it’s a core offering. It’s moved from an ad hoc service performed by a small minority to a monthly offering or part of a standing package for not just for existing clients, but for new prospects too. Increasingly it’s something clients are expecting,” Plumb said.

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