Manchester based Fintech Hydr Raises £332,826 via Seedrs

Hydr, which creates software to enable invoice finance at scale for SMEs, optimizing cash flow, fueling growth, has secured 95% (£332,826) of its £350,001 target via Seedrs with 29 days left in the firm’s crowdfunding campaign (with 31 investors so far making contributions to the raise).

Located in Manchester, UK, Hydr operates in the Finance & Payments (Digital B2B) sectors.

Incorporated in August 2020, the firm’s investment summary is as follows: Type Equity; Valuation (pre-money) £6.1M;  Equity offered: 5.44%; Share price: £3.96; Tax relief; EIS.

Business Highlights are:

  • £6.3m of invoices funded using our software since launch
  • >3,200 individual transactions powered by Hydr’s software
  • Signup takes around 15 minutes for SME customers
  • Deeply integrated with the major cloud accounting providers

Key features: Secondary Market; Seedrs nominee min. £11.88 +; Direct investment min. £50,000.00 +.

As explained in the update, a challenge faced by all small businesses “is cash flow: for those that raise invoices, it is not uncommon to have to wait 90 days or more to be paid.” A solution to this is invoice finance.

Hydr also mentioned:

“We have created software that we believe is revolutionising invoice finance by making it an attractive, accessible proposition to the SME market: our software enables 100% of the invoice to be funded for a fixed fee, the balance paid to the business in 24 hours. Better still, signing up for an account is completely digital, taking around 15 minutes.”

They added:

“Our algorithm makes funding decisions in real time – we even manage collections on our customers’ behalf, saving them valuable time and removing the need for those awkward chaser conversations (which no one likes).”

Hydr’s integration with cloud accounting and open banking “makes the ongoing management of an account intuitive and straightforward.” Customers don’t even “need to upload their invoices – our software picks them up automatically.”

Hydr added that they “have been trading since May ’21.” They charge lenders “a fee for the use of our software.”

The company also shared:

“Our next goal is to develop our software as a white-label proposition to sell to financial institutions, as we believe this will enable them to fund invoices of their existing SME customers at a lower cost to serve. We have commenced discussions with one bank about potentially trialling our software.”

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