It was 31st January that we launched our sole trader product and it’s been non-stop ever since then.
- We got iPhone and Android into your hands.
- We’ve opened 3,500 accounts, 700 accounts in October alone.
- We’ve processed £15m customer payments, £4m last month.
- And what’s most important to us is that our customers are finding the product really valuable.
“The business tool we’ve all been missing.”
Jay Taylor, Designer
“Coconut is a life saver.”
Jonathon Aiken, Camera Operator
“Get Coconut and stop driving yourself nuts.”
Jett Gray, Motion Graphics
We have a super strong foundation to grow in 2019 with an amazing team, an awesome product and an incredible community.
Why did we start Coconut?
Adam and I have worked together for over 10 years. After we sold our first fintech business in 2014 we became freelancers.And we quickly came up against all too common problems like sorting expenses, getting paid by clients and the dreaded tax return.We were spending a lot of time and money wrestling with traditional products like current accounts, cloud accounting packages. And even though we’re qualified accountants, we couldn’t find a way of getting real-time visibility over our finances.And at the same time, self-employment and entrepreneurship is one of the biggest shifts in how we work for a generation and there are 5m owner managed businesses in the UK and half a billion worldwide.
Coconut - banking and accounting in a nutshell
So we decided that it’s time for a product that does everything in one place.Something that’s suited to the fast-paced and mobile nature of how we work today.
Coconut is a current account that takes care of your accounting and tax. It's designed specifically for freelancers, self-employed people and small business owners.Our product already does everything a sole trader needs including telling you what’s tax deductible, offering contextual guidance about the tax rules, forecasting your tax bill and filling out your tax return as you go.
Becoming the heart of your business
We want Coconut to be at the heart of your business, so freelancers, self-employed people and small business owners can get everything done, from payment through to tax return.
- We want to connect to other bank accounts so that you can see all your business transactions in one place.
- We want to connect you seamlessly to HMRC to submit your tax returns. And we’ve just submitted our first live data, becoming the first current account to process tax returns.
- And we want to connect you with everything you need, like an accountant if you want to chat or if you want your accounts reviewed and filed.
You won't need to go anywhere else.
Next we’re adding:
- Direct tax return submission to HMRC.
- Invoicing that eliminates bookkeeping and chasing by automatically matching up with payments.
- Limited company support for the 5k businesses who are pre-registered.
- Accounting portal so you can chat to an accountant and get your accounts or return reviewed.
These features set us up to reach tens of thousands of customers over the next year. You can also see our public roadmap here.
Our mission is to free 20m people worldwide from business admin by combining banking and accounting into one simple product.We're growing fast, building a world-class team and raising money on Crowdcube. If you'd like to join us on our journey, then you can take a look at our pitch: Coconut Crowdcube