£1.5m seed funding for Float
Float has secured £1.5 million seed funding.
The Edinburgh FinTech plans growth in Australia and New Zealand after backing from investors including Marchmont Ventures.
Float's cashflow forecasting and budgeting platform works with Xero, QuickBooks and FreeAgent and allow thousands of businesses around the world to see their cash status in real-time.
Float will open a new office in Sydney this month.
Float co-founder and CEO Colin Hewitt said: “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.
“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.
“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.
“Our mission is to help businesses make better financial decisions. Offering accountants new ways to improve their advisory services helps them to add value and boost revenues.”
Marchmont Ventures managing director Alan Martin said: “We are building an ecosystem of exciting growing companies like Float.
“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.
“We were struck immediately by the global market opportunity for digital accounting services, cash flow in particular, and have been really impressed by the Float product, which their users genuinely love.”