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) which forms part of the £775m package administered by Banking Competition Remedies Ltd (BCR).
Fluidly will use the funding to accelerate the development of its AI-driven cashflow management software and give small businesses better access to emerging technology.
The CIF Pool D grant money aims to facilitate the commercialisation of financial technology relevant to SMEs.
Caroline Plumb, CEO and Founder of Fluidly, said: “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.
“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.”
This comes after a £5m Series A funding round in November 2018 led by Nyca Partners and this grant hopes to ‘significantly boost’ Fluidly’s existing expansion plans, data science capabilities and product roadmap.
The winners of other pools include Starling Bank and Metro Bank.
Fluidly aims to connect 400,000 SMEs to its platform by September 2022.