A co-founder of Hydr says 2022 has been “transformational” after it met its crowdfunding target.

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.

The Manchester-based FinTech startup, which has previously raised two rounds of funding, was launched in 2021 to help small businesses optimise their cash flow.

£6.5m of invoices have since been funded using its software via 3,500 individual transactions.

Hydr met its £350,000 target on Seedrs with more than a week left. A total of 82 investors have taken around 5.5% of the business at a pre-money valuation of £6.1 million.

Ordo plans to scale payments tech of the future

“Achieving our fundraise target is a great end to what has been a transformational year for our business,” said Weedall. “We have seen significant take-up of our product and are proud of how Hydr is having a positive impact on small businesses, helping them optimise their cash flow. 

“Looking ahead to next year, managing cash flow is going to be more important than ever as we enter a challenging trading environment. At Hydr we have ambitious plans to grow our customer base, continue to release product enhancements and build out our team in Manchester. 

“It will be tough, but we’re up for it.”

Hydr helps small businesses manage their cash flow 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 fixed fee. 

It claims that SMEs can be onboarded in just 15 minutes.

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