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.
.jpg)
How to select your best ideas and take them forward - Chris Thomason, Founder of Ingenious Growth shares 5 tips to help you do just that.
Early stage VC fund Anamcara led by Female Solo GP Closes $10.6M Seed Fund to Invest in Founders Building Defining B2B Software Companies
Want to ensure your startup runs smoothly? Hamid Bagherzadeh, Legal expert and Co-Founder of LegaMart shares insights on the legal contracts that will help you do just that.
Koala, the innovative travel insurtech startup, secures investment to fuel its growth in Europe, expand its team and build additional travel protections.
The best early stage tech startups from across the UK revealed in Tech Nation’s final Rising Stars competition.
Over 100 organisations come together via The Micro Business Alliance to help provide a voice for the UK's startups, micro businesses and small businesses.
The lowdown on London-based hearing wellness startup Mumbli and its mission to help businesses provide inclusive spaces for all hearing abilities and preferences.
Tech Nation calls for tangible support to secure capital, talent, growth and exits needed to accelerate the growth of UK tech in decade ahead.
Glasgow-based This is Milk seeks investment for Neve Learning, its cloud-based Ed-Tech platform that has inclusivity and accessibility at its core.
.jpg)
With the UK facing a clear digital skills gap, Amy Caton, Digital Talent and Impact Senior Manager at BT Group shares some insights on what businesses should do to close that divide.
Published on: 3rd May 2018
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Anamcara launches $10.6M seed fund to back new wave of business tech 30th Mar 2023 Early stage VC fund Anamcara led by Female Solo GP Closes $10.6M Seed Fund to Invest in Founders Building Defining B2B Software Companies
- Travel insurtech Koala raises €2m to accelerate its growth 29th Mar 2023 Koala, the innovative travel insurtech startup, secures investment to fuel its growth in Europe, expand its team and build additional travel protections.
- Tech Nation announces the 10 winners of its latest Rising Stars competition 29th Mar 2023 The best early stage tech startups from across the UK revealed in Tech Nation’s final Rising Stars competition.
- Micro Business Alliance launches to represent 75% of the UK’s businesses 28th Mar 2023 Over 100 organisations come together via The Micro Business Alliance to help provide a voice for the UK's startups, micro businesses and small businesses.
