Interview with Nicola Weedall, co-founder of Digital Invoice Finance Platform: Hydr
Hydr is a digital invoice financing platform that helps small businesses optimize their cash flow.
Hydr removes the barrier to waiting for payment by paying 100% of your bill, less our fixed charges, within 24 hours. The fees we quote are always the fees you pay, we don’t charge any subscription or referral fees, and our price doesn’t change if your customer is a bit late in paying their invoice.
The integration is fully digital, and our platform integrates seamlessly with Xero’s cloud accounting software to deliver real-time funding decisions.
We work with small businesses registered in England Wales that sell B2B products or services. We build strong and professional relationships with their clients, allowing business owners to devote their valuable time to running their business.
How did you come up with the idea for the business?
Me and Hector (Macandrew, co-founder) had first hand experience of the transformative impact that cash flow management can have. We knew that with the right technology and with transparency and simplicity at the heart of our service, Hydr could help many businesses.
My career has been in fintech through lending and invoice financing and creating a digital invoice financing proposal that is really easy to use and scalable has been on my mind for a while. We are very satisfied with the product that we have created and launched.
How has the business evolved during the pandemic?
We are a new company that was launched last month (May 2021) but we have been developing Hydr since before the pandemic.
We are convinced that the success of a business should not depend on its ability to wait for payment and with almost two-thirds of all SMEs experiencing either an increase in late payments or payments completely frozen due to the pandemic. , we accelerated product development to launch Hydr in May of this year.
During the pandemic, we moved our head office to Enterprise City, Manchester’s tech district which is home to a number of brilliant tech companies. This is the perfect place for us.
What can we expect to see from Hydr in the future?
You will see many clients whose work lives have been transformed because their cash flow is predictable and they have more time to devote to their business with Hydr as a trusted partner.
We will continue to scale our business and integrate with more cloud accounting software vendors so that non-Xero customers can take advantage of our service. We will also be launching our mobile application and developing our team.