FinTech: U.K.’s Hydr Launches Innovative Invoice Financing Platform

May 24, 2021 | FinTech, News
https://dailyalts.com/wp-content/uploads/2021/05/Hydr-LandingPage.png

Hydr promises payments against invoices within 24 hours for a fee.

Co-founded by Mancunian Nicola Weedall and Hector Macandrew, Manchester-based fintech start-up Hydr (pronounced Hi-der) launched today its proprietary invoice finance platform. It pays out small businesses the value of their invoice within 24 hours, less a fee. (Business Manchester)

COVID and small businesses

Small businesses in the U.K. reeling from the pandemic are vulnerable to another problem – delayed or frozen payments from customers.

About 62% of all SMEs are facing this acute problem, according to Hydr, exacerbating the already poor payment culture that prevails in the U.K.

Hydr addresses the resulting cash flow problem at small businesses by fully digital onboarding, funding decisions in real-time, transparent terms, and fixed fees on its invoice finance platform. Hydr has integrated with the global small business platform Xero (ASX: XRO).

Hydr does not charge any fees to set up an account or to go through the onboarding process. Nor does it charge any subscription fees or listing fees.

However, businesses must be on Xero’s cloud accounting software package for Hydr’s platform to work. 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 payment.

Says Nicola Weedall: “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.”

Related Story:    Triterras’ Kratos Blockchain Platform Clocks $5B Trade Finance Volume

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/06/bitcoin-3997860_640.jpg
Alternative Investments/Digital: State Street Digital, A New Division At State Street, To Focus On Crypto

State Street (NYSE: STT), which has $40.3 trillion in assets under custody or administration, said Thursday it is establishing a new digital finance division called State Street Digital. The new…

https://dailyalts.com/wp-content/uploads/2021/06/origin.jpg
Venture Capital: UAL Floats United Airlines Ventures For Innovation In Travel And Sustainability

United Airlines (NASDAQ: UAL) announced its new corporate venture fund, United Airlines Ventures, on Thursday. The fund’s brief is to invest in emerging companies that could reinvent travel and aviation…

https://dailyalts.com/wp-content/uploads/2021/06/el-salvador-2379443_640.jpg
Digital Assets: IMF Has Reservations On El Salvador’s Bitcoin Move
June 11, 2021     Digital Assets, News

The IMF warned Thursday that El Salvador’s move to adopt bitcoin as a legal currency in parallel with the US dollar could have various economic and legal repercussions. El Salvador’s…

https://dailyalts.com/wp-content/uploads/2021/06/Clip_Total_Contactless-scaled.jpg
FinTech: Mexican Payments Platform Clip Raises $250M, Turns Unicorn
June 11, 2021     FinTech, News, Venture Capital

Clip, a Mexican digital payments and commerce platform founded in 2012, announced June 10, its raise of $250 million in a round led by the SoftBank Latin America Fund and…