Meet the member: Hydr
The latest business to join Exchange is on a mission to tackle poor payment culture with its proprietary invoice finance platform.
The Manchester-based fintech start-up – Hydr (pronounced Hi-der) – helps small businesses manage their cash flow with fully digital onboarding, funding decisions in real-time, transparent terms and fixed fees.
Hydr will pay 100% of the value of an invoice within 24 hours minus a competitively priced fixed fee. It works closely with its clients’ finance teams and builds strong relationships with their customers.
The business and co-founders Nicola Weedall and Hector Macandrew will be joining the growing roster of exciting tech start-ups in Department Bonded Warehouse to continue to develop its product and grow its customer base.
Hydr’s innovative cloud-based platform seamlessly integrates with global small business platform Xero and removes the stress of waiting for payment so that businesses can thrive on their own terms.
Hydr co-founder, Nicola Weedall said: “Being surrounded by other tech entrepreneurs and industry experts will be invaluable to us as an early-stage start-up. We have got big ambitions for Hydr and joining the community of successful tech businesses at Exchange is really exciting. Manchester’s growing technology scene is the perfect home for us.”
Hydr co-founder, Hector Macandrew said: “The almost cultural acceptance of late payments is something we believe needs to be overthrown. I’ve seen businesses suffer as a result of late payments and poor cash flow and our product aims to remedy that for businesses owners that have enough to worry about already. With the support of Exchange, I hope we can help make a difference to more and more businesses across the UK.”
Invoice finance enables businesses to be paid without the wait, improving cash flow and enabling businesses to pay employees and suppliers and invest in operations and growth on their terms. Invoice finance has sometimes been perceived as a product of last resort, not helped by complicated, lengthy onboarding processes and the confusing price structures of some suppliers.
With Hydr, Nicola and Hector will demonstrate that invoice financing powered by a great digital product, a relationship-based service and transparent pricing can be instrumental in optimising cash flow and fueling business growth and ambition.
Looking ahead to what’s next for Hydr, Nicola says, “Now that we’re live we’ll continue to invest in our technology so that we can build partnerships with more cloud accounting software providers, while also growing our team to offer the highest level of service for our customers.”
Hydr works with small businesses registered in England in Wales that sell products or services to other businesses (B2B). To find out how Hydr can optimise your cash flow become an extension of your finance team, visit www.hydr.co.uk.