AI-powered cashflow management software vendor has been awarded £5m as part of the TBC Alternative Remedies Package.

The firm is one of five to receive funding from a fund administered by the Banking Competition Remedies.

Founded in 2016, it will use the funds to further develop its AI-powered cash flow management software, giving SMEs better access to emerging technology.

The firm’s winning bid included nine commitments, including a goal of 400,000 SMEs on its platform and at least 20,000 hours of certified training to accountants by 2022, GDPR compliance with its AI solution, and a commitment to diversity.

It has also committed to deliver transparency by providing annual progress reports, and has said it will work with at least two banks to deliver new products that help lower the cost of capital to SMEs.

Caroline Plumb, CEO and Founder, Fluidly, explained: “Fluidly works to help SMEs sleep better at night, by providing control, certainty and confidence around cashflow.

“We’re thrilled to have been awarded this £5M grant by BCR to scale our impact and support for businesses. We’re intent on building a product that helps businesses with their most pressing challenge and allow them to benefit from the transformational potential of AI.”

Other firms awarded in funds in this latest round included Codat Limited which offers an API for small business financial data, payments as a service’ provider Form3, and UK funding platforms Swoop Finance and Funding Options Limited.