It’s recently been announced that Fluidly is a finalist for the 2018 Nesta Open Up Challenge. The challenge is designed for companies who are transforming small business finances by using Open Banking.
We are so excited that we’ve been recognised as a company that can make a difference to the way that small businesses manage their finances. At Fluidly, we’re on a mission to help small businesses sleep better at night by changing the way they manage cashflow and credit control.
What is the Nesta Open Up Challenge?
Since the advent of Open Banking earlier this year small businesses are able to share their banking data with trusted third parties. This change in policy is creating space in the market for new products and services that can change banking for the better.
Nesta are providing a £2.5m fund to encourage and reward teams who are using Open Banking to make the future easier for small businesses. Nesta wants to ensure that Open Banking leads to a market that is transparent, high quality and innovative.
What are the different stages of the challenge?
Fluidly has made it through the first two rounds of the Open Up challenge, and is now in the running for the final.
Stage 1 was about innovation, and rewarded 20 companies who have developed credible ideas to bring big benefits to small business banking.
Stage 2 focussed on market ready ideas who were about to, or in the case of Fluidly, already are helping small businesses. Winners received a £100k grant to help further their efforts. You can see the full list of Stage 2 finalists here.
Nesta helps the winning companies financially and technically. Winners also get access to the biggest anonymised UK banking transaction dataset available.
What is Fluidly going to do with open banking?
Fluidly aims to transform the way that small businesses manage cashflow. We want to make it easy for small businesses to be confident in their future cash position. With confidence in their cashflow, SME owners can can make better financial decisions, and invest strategically to make themselves the best they can be.
We’ve already built a fully automated credit control solution that saves time for small businesses and gets them paid more quickly.
We’ve got grand plans for how we’ll use the grant money. Open banking allows us access to historical and real time financial data that Fluidly will combine with machine learning to produce a powerful look into the financial future. We can use this data to provide accurate cashflow forecasting that requires no modelling whatsoever, and we are now looking to add new capabilities around anomaly detection and benchmarking. The grant will allow us to develop our product and start bringing new features to market quickly. We may also make a small investment in team curry…