Float, an Edinburgh, UK-based cash flow service for Xero, QuickBooks Online and FreeAgent, completed a £1.5m seed funding.
The round was led by Marchmont Ventures.
The company intends to use the funds to open a new office in Australia, continue to enhance its partnership program, and perfect its forecasting solution for the needs of modern accounting firms.
Led by co-founder and CEO Colin Hewitt, Float provides a cash flow forecasting and budgeting solution for small to medium-sized businesses and accounting firms. It is used by thousands of businesses worldwide that need to know their cash status in real-time, to facilitate reporting, decision making and planning. The service also allows users to understand the financial impact of business decisions via its “what-if scenarios” tool.
In 2019, the company launched its partnership program as a value-add service for accounting firms to improve their advisory services.
Float is planning to make 12 new hires across its Sydney, global sales, product development, and marketing teams.