Less than two years after raising £1.8 million through its first equity crowdfunding campaign on Crowdcube, UK-based current accounting and tax platform Coconut has returned to the funding platform and has already surpassed its initial £700,000 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
Coconut reported earlier this year, it opened up its accounting and tax platform to anyone with a current account or credit card from 20 different UK banks.
“Within minutes of connecting their account, customers can see business insights that are generally only available with time-consuming manual data entry in traditional cloud accounting products.”
In the past year, Coconut has grown to 25,000 registrations, a growth of more than 3x. The company also formed a partnership with Paypal, and the Coconut accountant portal has been used by more than 1,300 accountants to manage clients. Funds from the Crowdcube round will be used towards the Coconut platform. The company is now offering 6.16% in equity with a £12 million pre-money valuation. The crowdfunding campaign is set to close at the beginning of July.
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