UK small businmess lender OakNorth is to make its first acquisition, taking a 100% stake in cashflow forecasting app Fluidly.
Founded in 2016, Fluidly’s software is designed for small business owners and currently counts 1300 accounting firms as subscribers.
Since its launch in September 2015, OakNorth Bank has lent over £6.5B to support scale-up businesses across the UK.
The lender has had considerable succcess in packaging up its software suite for on-sale to major banks, including SMBC, ABN Amro, Capital One, PNC, and Fifth Third. Upon completition, Fluidly's cash forecasting toll will be embedded in OakNorth's ON Credit Intelligence Suite.
Rishi Khosla, co-founder and group CEO of OakNorth, comments: “We have always said that we will be opportunistic in evaluating acquisitions which have a strong strategic fit with our mission. We have found that with Fluidly and look forward to welcoming the Fluidly team. We continue to be open to evaluating acquisitions which help us further our mission."