A Manchester fintech start-up says companies will be able to get invoices paid “almost immediately” as it integrates its software with cloud accounting platforms.
Hydr’s proprietary invoice finance system was launched exclusively on Xero in May and will now be available on further systems including Sage and QuickBooks.
The Manchester start-up connects with a company’s data and financial information to create a “seamless digital experience.” Funding decisions are made in real-time and Hydr says its pays 100% of the value of an invoice (rather than the traditional 70-90%) within 24 hours, “minus a transparent, fairly priced fixed fee.”
“We’re so pleased to have achieved this product milestone. The impact of long payment terms and late payments is affecting millions of small businesses in the UK; many are navigating CBILS repayments and ramping up post-Covid trading which can put a strain on working capital,” stated Hydr co-founder, Nicola Weedall.
“We feel so strongly that getting paid early is the best way of optimising cash flow, far better than extending borrowings.”
Hydr co-founder, Hector Macandrew added:
“Invoice finance in years gone by has often been complicated and time consuming to apply for, complex to manage and opaque in pricing. It is absolutely ripe for disruption and cloud accounting and open banking has made this reinvention achievable. With our simple, transparent and fairly priced proposition, it is now more accessible and attractive to small businesses than ever. We encourage more businesses to consider it.”
