UK-based current accounting and tax platform Coconut has successfully secured more than £1 million in funding from over 1,000 investors through its equity crowdfunding round on Crowdcube. The campaign was launched earlier this month and quickly raised its initial £500,000 funding target.
As previously reported, 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
Funds from the Crowdcube round will be used to continue the growth and expansion of the Coconut platform. Speaking about the campaign’s success and welcoming its 1,000 investor, the Coconut team stated:
“We’ve just hit 1,000 investors! This is an incredible milestone. We wouldn’t be where we are today without our customers and community who have supported us, provided feedback on the product, given their ideas, told their friends about what we’re building and shared their excitement. Crowdfunding is about giving our customers and community the chance to own a piece of Coconut but also to expand our network of supporters. Having 1,000 new investors so early on in the campaign is incredible.”
The Crowdcube round is currently set to close at the beginning of December.
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