OakNorth has acquired cashflow forecasting fintech Fluidly.
The takeover comes nearly 18 months after OakNorth group CEO publicly stated that the lender was eyeing ‘synergistic’ opportunities to acquire fintechs at a reasonable price.
Now it seems OakNorth has found one of those opportunities in Fluidly, a business that helps around 1,300 accounting firms forecast and plan cash flow and access funding options.
While the financial terms of the deal were not disclosed, Fluidly has raised around USD 15.5 million in funding over the years, with investors including Nyca Partners, Octopus Ventures, and Anthemis.
Through Fluidly’s accountancy relationships and digital offering, OakNorth said the takeover would help it propel its strategy to support more UK SMEs.
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