A proprietary invoice finance platform to help small businesses optimise their cash flow has been announced by Manchester-based fintech start-up Hydr.
Co-founded by fintech experts with first-hand experience of the challenges that long payment terms and late payments can create, Nicola Weedall and Hector Macandrew are on a mission to tackle poor payment culture in the UK.
The impact of long payment terms and late payments is being felt now more than ever; 62% of all SMEs are experiencing either an increase in late payments or payments frozen completely as a result of covid-19.
Hydr (pronounced Hi-der) helps small businesses manage their cash flow with fully digital onboarding, funding decisions in real-time, transparent terms and fixed fees. It pays 100% 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.
Nicola Weedall, Co-founder at Hydr says, “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 says, “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.