Self-employment is the fastest growing segment of the workforce with 5m self-employed people in the UK alone. Coconut is building the ultimate accounting and tax tool to support this booming economy. Achieving 3x growth in the last 12 months, they’re crowdfunding again to bring Coconut to even more people.
Self-employment is a global phenomenon. There are 5m self-employed people in the UK and 100s of millions around the world.
Coconut’s vision is to make self-employment easier than being employed. It combines payments, accounting and tax, creating a next-generation tool to cut the manual work out of running your business.
Founders Sam and Adam became self-employed after selling their first fintech business. Despite being former PwC accountants, they quickly found that the admin involved made self-employment harder than it should be.
Coconut launched in January 2018, combining a smart current account with powerful bookkeeping tools like expense management and tax categorisation, invoicing and tax.
Earlier this year, Coconut 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 last 12 months Coconut has grown to 25,000 registrations, growth of more than 3x. It’s formed a partnership with Paypal, and the Coconut accountant portal has been used by over 1,300 accountants to manage clients.
In 2018 Coconut raised £1.8m on Crowdcube from 2,000 customers and community members. They’re back to fund the next phase of their journey.