Coconut Campaign - automates bookkeeping & tax for sole traders

Описание: Where to invest:https://www.crowdcube.com/companies/c...
company website:http://www.getcoconut.com/

Starting a self-employed business is easier than ever, but the finance tools available haven’t improved for decades. Coconut automates bookkeeping & tax for sole traders, a market of 3.5m in the UK. With 8k paying customers and 174% revenue growth in 2020, Coconut is on a mission to transform sole trader finances.

In 24 months 3.5m sole traders will be required to complete 4 tax submissions a year instead of 1, because of HMRC’s Making Tax Digital (MTD). What’s more, they will be required to use a digital product like Coconut to do this.

Founders Sam & Adam became self-employed after selling their first fintech business. Despite being PwC trained accountants, they found managing taxes a growing burden.

Coconut is on a mission to become the leading sole trader finance and MTD product in the UK. They are raising a Pre-Series A to cement their lead in this space.

The pandemic focussed the team on meaningful core metrics. Total revenue grew by 174% in 2020 (YE 2020 revenue: £679k, EBITDA: -£2,335k). Having launched a new pricing model at the end of 2020, they converted 75% of active customers to paying by March 2021, growth of 6x since December. With 2,800 accountants signed up, Coconut is a favourite with accountants too.

An early pioneer in Open Banking, Coconut connects with over 25 banks, giving automatic tax insights using banking data. With invoicing, receipt storage, tax and performance dashboard built-in, Coconut equips customers to easily manage their business and tax in one place.

With 100m+ self-employed businesses in Europe and North America alone, Coconut is targeting an exciting global opportunity.


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