Manchester Fintech Hydr Launches New Invoice Finance Platform To Help SMEs Manage Cash Flow
Manchester based fintech Hydraulic (pronounced Hi-der) revealed on Monday, May 24, 2021 that it launched its proprietary invoice financing platform to help small businesses streamline their cash management.
Co-founded by experienced Fintech industry professionals with in-depth knowledge of the challenges that long payment terms and late payments can bring, Nicola Weedall and Hector Macandrew focus on tackling bad payment practices across the UK.
The negative impact of long payment terms and late payments has been a major issue, with over 60% of UK SMEs reporting an increase in late payments or frozen payments due to challenges related to the COVID.
Hydr management explains that it aims to help small businesses manage their cash flow effectively through more efficient digital integration, better real-time financing decisions, and more transparent fixed terms and fees. The company would pay 100% of the value of an invoice within one business day, minus an affordable plan.
Hydr’s team of professionals integrates with its clients’ financial team and also develops good relationships with their clients. Hydr has partnered with the global SME platform Xero for rapid integration with their platform.
Nicola Weedall, co-founder at Hydr said:
âThe success of a business should not be determined by its ability to wait for payment. I have seen first-hand the transformative impact of cash flow management. We therefore remove the obstacle of waiting for payment by paying invoices in full within 24 hours. Our technology securely simplifies the entire process, end-to-end, with transparency and simplicity at the heart of our proposition.
Hector Macandrew, co-founder at Hydr noted:
âWe created Hydr to change the way we think about two things; the almost cultural acceptance that late payments occur in this economy and that bill financing is only considered a last resort. With Hydr as a partner, you never have to worry about long or late payments again. Well-done invoice financing is a powerful tool for optimizing cash flow, allowing business leaders to plan for their future with confidence.
Hydr’s digital integration process only takes a few minutes. After being put in touch with Xero, financing decisions are offered in real time; businesses are able to issue their invoices in one step, and a flat rate is added to the invoice. Meanwhile, Hydr takes care of the rest. There are no hidden charges or additional charges, the company claims.
Leyton jeffs, partner in financing solutions at Sedulo declared:
âTechnology in finance started out as something that allowed lenders to grow without the need for staff, but with Hydr, I was incredibly impressed with how they used technology and innovation to improve the customer journey, instead of saving money! I encourage business owners and the financial community to explore what a valuable partner Hydr could be for their businesses or those of their clients.
Henri murison, director of the Northern Powerhouse Partnership, noted:
âThe launch of Hydr is expected to help boost the growing fintech cluster in the Pennines by adding their innovative approach to a market in need of disruption. They offer a service where the traditional models already available cannot offer all the products that businesses need because the cost of service would be too high without a digital solution. These tools will play a vital role in helping businesses recover from last year’s economic turmoil, especially for businesses based in the Northern Powerhouse. “