Scotland-based fintech startup Float has announced the completion of its £1.5 million seed funding round led by venture capital firm Marchmont Ventures.
According to Insider, the accumulated capital will be used to fund the company’s expansion and development ambitions, with plans to open an office in Sydney and tailor its forecasting solution for accountancy firms.
“Cash flow management is critical to the survival and success of SMEs, and it remains the number one issue keeping business owners awake at night,” said Float co-founder and CEO Colin Hewitt.
“We’ve seen a huge increase in demand with businesses looking for solutions to manage and forecast cash flow. As such, we’ve raised the funding required to grow our team and expand both locally and internationally. This demand is coming from the shift from desktop and paper-based systems to digital bookkeeping and cloud accounting solutions.”
Founded in 2011, Float operates as an online cash management and forecasting tool designed to help users manage their business and monitor cash flow. Over the past decade, the company has already integrated with a range of other companies, including FreeAgent, Xero, and QuickBooks Online. It has also bagged a number of awards, including Xero’s Emerging Add-On, Software Excellence award for Best Forecasting, and ICB LUCA Award for Cash Flow Software of the Year.
“We’re not trying to be all things to all businesses, we know financial management is a difficult issue to get right, but we’re confident that we have the most accurate and easy to use forecasting solution on the market,” CEO Hewitt added.
The latest funding is seen as an opportunity for Float to accelerate its growth and keep up with the expanding fintech market.
“We are keen to work with businesses aligned with our values, who are able to grow fast but in a way that’s sustainable in the long term too. In that regard, Float is a perfect fit,” Alan Martin, Managing Director at Marchmont Ventures commented.