Shoosmiths advises on investment into revolutionary AI cashflow management firm

Shoosmiths advises on investment into revolutionary AI cashflow management firm

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Author: Lee Perry

National law firm Shoosmiths has advised long-standing client Octopus Ventures on its investment into Fluidly, a FinTech startup set to transform cashflow management for SMEs.

Al Peet
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Alastair Peet

Octopus Ventures led the seed round, which raised £2m for the company. The London-based company - which was one of the 20 winners at Nesta's Challenge Prize on Open Banking earlier this year - also drew investment from Anthemis; New York-based Nyca; and Hank Vigil, an angel investor.

Founded last year by serial entrepreneur Caroline Plumb OBE, Fluidly leverages AI and machine learning to help small firms gain better control of their forecasting and cashflow management.

Shoosmiths corporate partner Alastair Peet and solicitor Helen Burnell advised Octopus Ventures on all key corporate elements of the deal.

Will Gibbs, investment manager at lead investor Octopus Ventures, said: "We see SMEs succeed or fail as a result of cashflow management, and Fluidly provides the tools to address this significant pain point. The implementation of the second Payment Services Directive next year will unlock innovation in the payments sector, and Caroline and the Fluidly team are capable of leading the way in this space for UK FinTech. This is why it felt right for us to invest. Again, we were provided with spot-on legal advice by Shoosmiths, ensuring this investment went ahead."

Founder Caroline Plumb added: "After running businesses for over 15 years I know one of the most time-consuming and stressful aspects is forecasting and managing cashflow, most of which is highly manual and uncertain. Fluidly is about helping businesses sleep more soundly by getting them paid faster and providing certainty and peace of mind over finances."

Shoosmiths LLP is one of the most active UK law firms in the area of advanced manufacturing and high-growth tech companies, acting for founders, investors, funders, and research organisations, who look to the firm for transactional advice, VCT, EIS and SEIS tax advice and IP and commercialisation advice for both early-stage and established companies. Shoosmiths was recently 'Highly Commended' in the EIS Awards 2017 and was a finalist at the Investor Allstar Awards 2016.

Nationally, the corporate team is ranked in first place by deal volume in Experian's 2016 MarketIQ UK & Ireland M&A league tables. The team was recognised for its mergers and acquisitions expertise at the 2015 M&A Awards, winning the Law Firm of the Year category.