UK-based current accounting and tax platform Coconut has quickly secured its initial £500,000 funding target through equity crowdfunding platform, Crowdcube. Founded in 2016, Coconut describes itself as a current account that takes care of a user’s accounting and tax. The platform is designed specifically for freelancers, self-employed, and small business owners. Since launching, the platform now has 3,000 accounts open.
“Coconut automatically tells customers which transactions are tax deductible, provides guidance about the tax rules, forecasts their tax bill and fills out their tax return automatically.”
The Coconut platform does the following:
- Automates accounting and tax
- Connects users to accountants to chat through the app if they have a question
- Automates the review and file process for tax returns and accounts
The company also reported:
“With an estimated 5 million owner-managed businesses in the UK and half a billion worldwide, the Coconut team is on a mission to free 20 million people around the world from business admin by combining banking and accounting into one simple product.”
Funds from the Crowdcube round will be used to continue the growth and expansion of the Coconut platform. Speaking about the campaign’s success, the Coconut team stated:
“It’s been a smashing few days. We launched the private campaign on Friday evening to our customers and community and had 350 of you investing £325,000 in 24 hours. This is an incredible show or support from customers and friends, thank you.”
The Coconut campaign is currently set to close at the beginning of December.
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