Manchester-headquartered Fintech firm Hydr (pronounced Hi-der) revealed on Monday (May 24, 2021) that it has launched its proprietary invoice finance platform in order to assist small businesses with streamlining their cash flow management.
Co-founded by experienced Fintech industry professionals with extensive knowledge of the challenges that lengthy payment terms and late payments can cause, Nicola Weedall and Hector Macandrew are focused on addressing poor payment practices across the United Kingdom.
The negative impact of long payment terms and late payments has been a major issue with over 60% of UK‘s SMEs reporting an increase in the number of late payments or payments being frozen due to challenges related to the COVID outbreak.
Hydr’s management explains that they aim to assist small businesses with effectively managing their cash flow via more efficient digital onboarding, better funding decisions in real time, along with more transparent terms and fixed charges. The company reportedly pays 100% of the value of an invoice within 1 business day, minus an affordably priced, flat fee.
Hydr’s team of professionals integrates with its customers’ finance team and also develops good relationships with their clients. Hydr has teamed up with global SME platform Xero for quick integration with its platform.
“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 cash flow 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.”
Hector Macandrew, Co-founder at Hydr remarked:
“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 only a few minutes. After being linked up with Xero, funding decisions are offered in real time; companies are able to issue their invoices with a simple step, and a flat fee is added for the invoice. Meanwhile, Hydr handles the rest. There are no hidden charges or extra fees, the company claims.
Leyton Jeffs, Funding Solutions Partner at Sedulo stated:
“Technology in finance started as something that was an enabler for lenders to scale without the need for headcount, but with Hydr, I have been incredibly impressed with how they have used technology and innovation to improve the client journey, as opposed to saving money! I’d encourage business owners and the financial community to explore what a valuable partner that Hydr could be for their, or their clients’ businesses.”
Henri Murison, director of the Northern Powerhouse Partnership, noted:
“Hydr’s launch should help to boost the growing fintech cluster across the Pennines by adding their innovative approach to a market in need of disruption. They are offering a service where traditional models already available can’t offer all the products businesses need because the cost to serve would be too high without a digitalised solution. These tools will play a vital role in helping businesses recover from the economic turbulence of the past year, including notably for firms based across the Northern Powerhouse.”