Coconut smashes crowdfunding goal in a day
In just one day, Coconut, the mobile account for freelancers, has raised £682,000 through crowdfunding platform Crowdcube.
Bear in mind that the campaign’s goal was only £500,000, and still has 29 more days to go. At the moment of writing, the project has 683 investors.
Coconut combines banking and accounting services, and is designed specifically for the UK’s freelance and self-employed workforce. It currently has around 3,000 accounts open, since its launch for sole traders on 31 January 2018.
The firm currently has 5,000 limited companies pre-registered; and has processed £12 million in customer payments.
Sam O’Connor and Adam Goodall, the founders, used to be accountants at PwC.
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.
If Coconut doesn’t ring a bell, Monizo, its old name, just might.