UK SME lender OakNorth acquires cashflow forecasting solution Fluidly
SME-focused financial services provider OakNorth has acquired cash management solution Fluidly in what it says is the first in a potential series of acquisitions.
Around 1,300 accountancy firms use Fluidly
It will see Fluidly’s cashflow forecasting tool integrated with OakNorth’s ON Credit Intelligence Suite, it is understood. The proprietary software is used by OakNorth’s own bank in the UK, OakNorth Bank, as well as by other financial institutions around the world, including SMBC, ABN Amro, Capital One, PNC, and Fifth Third.
The provider says the ON Credit Intelligence Suite “leverages real-time sector insights, machine learning-powered anomaly detection, peer comparisons, sector insights and events-based scenarios, to enable banks to lend faster, smarter and more to businesses”.
Since its launch in September 2015, OakNorth Bank has lent over £6.5 billion.
The acquisition of Fluidly – and its relationships with approximately 1,300 accountancy firms that it has built since its launch in 2016 – forms part of OakNorth’s growth strategy, the firm says.
OakNorth co-founder and group CEO Rishi Khosla says the business will “continue to be open to evaluating acquisitions”.
Fluidly CEO and founder Caroline Plumb adds: “Fluidly and OakNorth are natural partners, and we’re strongly aligned in our mission to support SMEs.”
The deal is subject to regulatory approval by the Financial Conduct Authority (FCA).
