UK-based current accounting and tax platform Coconut has successfully secured more than £1.3 million through its equity crowdfunding campaign on Crowdcube, which is set to close next week. The funding round has attracted more than 1,500 investors.
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
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. The campaign is set to close next Wednesday.
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