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371%
Raised
£1,857,450
Investors
1997
Target
£500,000
Equity
17.93%
Pre-money valuation
£8,500,000

Coconut is the current account that takes care of your accounting and tax, designed specifically for self-employed people and small business owners. Now with 3,000 accounts open, they combine banking & accounting in one simple product to automate accounting & tax using rich, real-time payments data.

  • Launched for sole traders on 31st January this year
  • 3,000 accounts open with 5,000 limited companies pre-registered
  • Processed £12m in customer payments
  • Winners of multiple banking innovation awards

Idea

After selling their first fintech business, Sam and Adam joined the freelance community. They quickly found that working for themselves presented very common challenges like managing expenses, getting paid and the dreaded tax return.

Despite qualifying as accountants at PwC, they spent a lot of time and money on traditional cloud accounting packages and business bank accounts, but couldn’t find a way of getting real-time visibility and control over the finances and tax.

They’ve built Coconut to solve this problem. It’s a current account that takes care of your accounting and tax, designed specifically for self-employed people and small business owners.

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.

They want to be the one place self-employed people and small business owners go to manage their business:

- Automating their accounting and tax

- Connecting them to accountants to chat through the app if they have a question

- Automating the review and file process for tax returns and accounts

With an estimated 5m owner-managed businesses in the UK and half a billion worldwide, the Coconut team is on a mission to free 20m people around the world from business admin by combining banking and accounting into one simple product.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Coconut has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.