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.
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
aiPatient is aiming to offer affordable medical education using AI, with students and healthcare professionals interacting with digital, artificial intelligent patients.
We found out more about The Mantis - the robotic, remote-control, semi-autonomous, self-stabilising, all-terrain, single-wheel camera platform!
Startacus has teamed up with the inaugural Innovation Nation 2018 to deliver Ascend, an all-Ireland tech startup pitch competition.
Ignite returns to Newcastle, home to its inaugural accelerator programme, to launch a 3-month funded, pre-accelerator programme for up to 20 early-stage businesses.
The free online tool to help you save money on your mortgage, the easy way.
Looking to start a tech business in Glasgow? Here's our handy summary of some of the main places, spaces and programmes to support your startup.
"If you want to teach a nation to read: Just turn on the subtitles". This simple advice might just help make kids become proficient readers...
The innovative N. Ireland based startup that'll help you save both time and money when importing...
Urban Massage announces new on-demand wellness services and immediately raises over £2.5m in investment via equity crowdfunding platform, Seedrs.
The innovative app which is creating a better way for law firms to communicate with their clients...
Published on: 3rd May 2018
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Irish startups invited to pitch at Innovation Nation 2018 19th Aug 2018 Startacus has teamed up with the inaugural Innovation Nation 2018 to deliver Ascend, an all-Ireland tech startup pitch competition.
- North East entrepreneurs sought for new Ignite Accelerator in Newcastle 17th Aug 2018 Ignite returns to Newcastle, home to its inaugural accelerator programme, to launch a 3-month funded, pre-accelerator programme for up to 20 early-stage businesses.
- Urban Massage raises over £2.5m via Seedrs 13th Aug 2018 Urban Massage announces new on-demand wellness services and immediately raises over £2.5m in investment via equity crowdfunding platform, Seedrs.
- Seedrs expands into investor automation with AutoInvest 17th Jul 2018 Seedrs’ AutoInvest will allow investors to customise investment criteria from industry sector, stage of business and tax relief eligibility to automatically invest in equity crowdfunding campaigns.
