Float, an Edinburgh-based cash management and forecasting app, has secured £1.5 million in seed funding and will be expanding internationally. The round was led by private equity firm Marchmont Ventures and comes after the startup formed a new C-suite team last year.
The company says its tool is already used by thousands of small and medium-sized companies worldwide to help them keep track of how much money they have in real-time. Float, which works with Xero, QuickBooks Online and FreeAgent, also helps users understand the financial impact of business decisions via its “what-if scenarios” tool.
“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,” said Float co-founder and CEO Colin Hewitt.
“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. Accounting firms are now able to move beyond compliance work and offer additional advisory services.”
The funding raised will allow the company to open a new office in Australia and capitalise on the growth of the cash flow forecasting sector. It also plans to use some of the funds to invest in product development.