A new Manchester-based FinTech start-up has been launched to help small businesses optimise their cashflow.
Hydr is the brainchild of Nicola Weedall and Hector Macandrew, who say they’re on a mission to tackle the UK’s poor payment culture.
Hydr helps small businesses manage their cashflow with fully digital onboarding, funding decisions in real time, transparent terms and fixed fees.
It pays 100 per cent of the value of an invoice within 24 hours, minus a competitively priced fixed fee.
Hydr’s experts integrate with its clients’ finance team and build strong relationships with their customers. Hydr has partnered with global small business platform Xero for seamless integration with its platform.
Weedall said: “The success of a business shouldn’t be determined by its ability to wait for payment. I’ve seen first-hand the transformative impact that managing cashflow has, so we remove the barrier of waiting for payment by paying invoices in full within 24 hours. Our technology securely simplifies the whole process, end to end, with transparency and simplicity at the heart of our proposition.”
Her co-founder Hector Macandrew added: “We have created Hydr to change how we think about two things; the almost cultural acceptance that late payments just happen in this economy, and that invoice financing is only considered as a last resort.
“With Hydr as your partner, you never have to worry about long or late payments again. Invoice financing done properly is a powerful tool to optimise cash flow, enabling business leaders to plan their future with confidence.”
Hydr’s digital onboarding process takes minutes. Once connected to Xero, funding decisions are provided in real time; businesses create their invoice(s) in one simple step, a fixed fee is calculated for the invoice and Hydr takes care of the rest. There are never any hidden extras or additional charges to the fixed fee.