Coconut cracks on with it's banking and accounting app
by Startacus Admin
Coconut, an app-based smart current account, combining banking and accounting services for the 
freelance and self-employed workforce, has opened 1,000 accounts since launch.
Coconut, an app-based smart current account combining banking and accounting services, designed specifically for the UK’s ever-growing freelance and self-employed workforce has reached a significant milestone in opening 1,000 business current accounts since its launch on 31st January. On top of this, an additional 10,500 freelancers, self-employed people and limited companies have signed up to the waiting list.
Fintech startup Coconut was founded by Sam O’Connor and Adam Goodall who met 9 years ago when training as accountants at PwC. They started freelancing after selling their first business, a FinTech company called ProConfirm, to Confirmation.com in 2014.
Backed by leading tech accelerator, Techstars, Coconut was named one of the ten winners of the Nesta Open Up Challenge, a competition to award grants to innovative businesses using new Open Banking APIs.
The company is planning to make use of new APIs developed by HMRC to automate tax and VAT returns. The aim is to make tax and VAT returns seamless end to end for the customer or their accountant, saving a huge amount of time and money.
Sam O’Connor, Co-Founder and CEO of Coconut said:
“We’re seeing a massive shift in how people work – since 2000, 90% of new businesses have no employees, highlighting this trend towards entrepreneurship and self-
employment. Our vision at Coconut is to build the platform that underpins this movement, giving personal business owners the tools they need to thrive.
“We've been totally amazed by the response so far to our first product. Since launching, we’ve opened more than 1,000 sole trader current accounts and the number of sign ups has grown to 10,500.
“We're really grateful for the support we've received from the freelance and self-employed community. We are pushing on to get the Android app launched and have a lot of exciting features in the pipeline.”
Best Wishes to Sam and the Coconut team from Startacus HQ.
If you like fintech focused articles, you might also want to read our recent features on:
Chip - the FinTech startup that's on a mission to help you save money in an intelligent and innovative way.
LOQBOX - the FinTech startup which offers a secure way to build your credit history and help you grow your savings at the same time.
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Published on: 3rd May 2018
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