Manchester-based fintech start-up Hydr today announces the launch of its proprietary invoice finance platform, co-founded by Mancunian Nicola Weedall and Hector Macandrew.
Hydr (pronounced Hi-der) is on a mission to tackle poor payment culture, and helps small businesses manage their cash flow with fully digital onboarding, funding decisions in real time, transparent terms and fixed fees. It pays 100% of the value of an invoice within 24 hours, minus a competitively priced fixed fee.
The impact of long payment terms and late payments is being felt now more than ever; 62%* of all SMEs are experiencing either an increase in late payments or payments frozen completely as a result of Covid-19.
Hydr’s experts integrate with its clients’ finance team and build strong relationships with their customers. Hydr has partnered with global small business platform Xero for seamless integration with its platform.
Nicola and Hector have first-hand experience of the challenges that long payment terms and late payments can create and are on a mission to tackle poor payment culture in the UK.
Nicola Weedall, Co-founder at Hydr says, “The success of a business shouldn’t be determined by its ability to wait for payment. I’ve seen first-hand the transformative impact that managing cash flow has, so we remove the barrier of waiting for payment by paying invoices in full within 24 hours. Our technology securely simplifies the whole process, end to end, with transparency and simplicity at the heart of our proposition.”
Hector Macandrew, Co-founder at Hydr says, “We have created Hydr to change how we think about two things; the almost cultural acceptance that late payments just happen in this economy, and that invoice financing is only considered as a last resort. With Hydr as your partner, you never have to worry about long or late payments again. Invoice financing done properly is a powerful tool to optimise cash flow, enabling business leaders to plan their future with confidence.”
Henri Murison, director of the Northern Powerhouse Partnership said, “Hydr’s launch should help to boost the growing fintech cluster across the Pennines by adding their innovative approach to a market in need of disruption.
“They are offering a service where traditional models already available can’t offer all the products businesses need because the cost to serve would be too high without a digitalised solution. These tools will play a vital role in helping businesses recover from the economic turbulence of the past year, including notably for firms based across the Northern Powerhouse.”
Hydr’s digital onboarding process takes minutes. Once connected to Xero, funding decisions are provided in real time; businesses create their invoice (s) in one simple step, a fixed fee is calculated for the invoice and Hydr takes care of the rest. There are never any hidden extras or additional charges to the fixed fee.
Hydr is headquartered at the new technology hub at Department Bonded Warehouse in Manchester and is a member of the Enterprise City “Exchange” – a programme supporting ambitious, early-stage tech companies. Tech Nation is a knowledge partner to the programme.
Tanya Grady, Head of Partnerships at Enterprise City said, “It’s great to have Hydr join our cohort of ambitious tech start-ups based at Exchange. The team are challenging the unhealthy acceptance of late payments which can really harm businesses and their cash flow and have created a tech proposition which is genuinely beneficial to organisations.
“The team at Hydr will benefit from the community of like-minded businesses we have created at Department Bonded Warehouse and the exclusive one-to-one founder sessions and workshops which will challenge Nicola and Hector to create the best version of their businesses possible.”
