London-based FinTech startup Fluidly has closed a £5m Series A.

The startup, which delivers intelligent cashflow management for SMEs, raised from New York-based Nyca Partners (lead investor), Octopus Ventures and Anthemis.

Angel investors Simon Murdoch and Charlie Songhurst also participated in Fluidly’s round.

The cash will be used to hire more engineers and data scientists and to boost the company’s sales and marketing capacity.

Launched a year ago, Fluidly is a SaaS platform that integrates with cloud accounting packages and Open Banking APIs.

Founder and CEO Caroline Plumb 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. 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.”

Hans Morris, Managing Partner at Nyca said: “We are thrilled to have joined Fluidly on their journey as they grow into a major AI/ ML player in the financial technology industry. Cashflow management for SME’s is an area that is long overdue for the kind of innovation that Fluidly is providing, and we look forward to supporting them as they focus on new product development and expansion of their impressive customer base.”

Today’s news comes after Fluidly closed a £2m Seed led by Octopus Ventures in September last year.

Will Gibbs, Investment Manager at Octopus Ventures commented: “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.              

“This is a proven, fast-growth business that we are proud to have supported from an early stage. We are delighted to be working with Fluidly as they continue on their growth trajectory to expand their product, data and engineering teams.”