UK-based small business-focused lender OakNorth Bank has acquired cash flow business Fluidly for an undisclosed sum.

Fluidly marks OakNorth’s first acquisition, which is subject to approval from the Financial Conduct Authority.

Established in 2016, Fluidly offers a cash forecasting tool for small businesses, which is used by approximately 1,300 UK accounting firms, OakNorth said.

The acquisition of Fluidly is aimed at accelerating OakNorth’s growth strategy to help support a greater number of small businesses in the UK.

Rishi Khosla, co-founder and group CEO of OakNorth, comments: “This is an exciting moment for us, we have always said that we will be opportunistic in evaluating acquisitions that 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.”

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Fluidly founder and CEO Caroline Plumb said: “Fluidly and OakNorth are natural partners, and we’re strongly aligned in our mission to support SMEs.”

The lender claims to have offered £6.5bn in loans since its inception in 2015, which helped create 23,700 new jobs and 20,300 new homes.

OakNorth also offers software, called ON Credit Intelligence Suite, which leverages data-driven sector insights and machine learning-powered anomaly detection, peer comparisons, sector insights and events-based scenarios to speed up the loan origination process.

Lenders such as SMBC, ABN Amro, Capital One, PNC, and Fifth Third use OakNorth’s software suite.