Coconut has won the final stage of Nesta’s Open Banking Challenge: Open Up. We’ve won £250k so far from the previous three stages. What does it mean for our customers? More here...
We’re delighted to announce that we’ve won the final stage of Nesta’s Open Banking Challenge called Open Up. We’ve won £250k so far from the previous 3 stages. This final stage gives us another £200k to continue building an awesome product for our customers - freelancers, self-employed people and small business owners.
Open Banking will create the biggest shakeup to how we manage money this century. For a long time, the banks in the UK have had a monopoly, maintaining a tight grip on our current accounts and our data. And the data is really powerful for automating all the manual tasks that we currently take for granted as entrepreneurs. Transaction data is the key to accounting and tax automation so, naturally, it's very important to us at Coconut.The UK government and the EU have realised how much this monopoly has prevented competition. So they are forcing banks to provide third party apps access to your transaction data, as long as you authorise it. They are also building a way for third party apps to make payments securely from your account.
If you read a bit about our vision, we’re in the business of freeing our customers from business admin by automating accounting and tax.We started by offering a current account for sole traders for a couple of reasons:
Separating business from personal is the cornerstone of accounting and tax automation, so it made perfect sense to start here.
As we start servicing limited companies (we've opened our first limited company account and are rolling out in December 2018) and grow our sole trader base, we see a massive opportunity from Open Banking in two areas:
Most people or businesses won’t really notice that they are using open banking, because it’s just the mechanism to transfer data. But many will feel its benefits.In terms of features, here are a few things we’re thinking about:
We see 2019 as the year for Open Banking. We’re excited to have been part of it from the beginning and over the moon to have won all 4 stages of Nesta’s Open Banking Challenge.More on this to come next year. And you can always check out our public roadmap where you can comment and vote on features. It's with your feedback that we will help shape the future of running a business for everyone, together.
VAT management has arrived at Coconut. Start recording VAT on all of the transactions you make through your Coconut account today.
We have emailed everyone affected. If you didn't receive an email from us then you were not affected by the breach, but if you have any questions please feel free to get in touch.
Coconut gives you a personal tax estimate for sole traders, and a corporation tax estimate for limited companies. Make sure you set it up right, here's how.