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Cresco helps client Fluidly secure £5million in RBS competition

Cresco Innovation will bring 2019 to a close having helped secure one of our biggest-ever funding wins.

By helping our clients Fluidly win £5million as part of the RBS Alternative Remedies Package, it is the highlight of our numerous grant successes this year.

We have won a number of previous bids for Fluidly, including two from Innovate UK, but this particular competition is the stand-out.

Cresco were among the consultants working on the bid on behalf of Fluidly, a London-based finetech start-up, and our proposal writer Paula Smith was part of the writing team, seconded to Fluidly for the writing process.

The grant won by Fluidly is one of five from Pool D of the £425m Capability & Innovation Fund (CIF) that forms part of the £775m package, which is administered by Banking Competition Remedies Ltd (BCR).

Fluidly will use the funding to accelerate the development of its AI-driven cashflow management software and give small businesses better access to emerging technology. CIF Pool D grant money aims to facilitate the commercialisation of financial technology relevant to SMEs.

Following on from its £5m Series A in November 2018, the £5m BCR grant will significantly boost Fluidly’s existing expansion plans, data science capabilities and product roadmap. Fluidly aims to unlock financial data for SMEs and transform how businesses manage their finances, while also bringing together the wider banking and fintech ecosystems.

Caroline Plumb, CEO and founder of Fluidly, said: “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.”

*Pictured are Fluidly CEO and founder Caroline Plumb (right) with Shafali Gupta, VP of strategy and operations