Coconut

Description

Coconut is the current account that takes care of your accounting and tax. Designed for freelancers, self-employed people and small business owners.

Overview

Type:	Private
Funding Status:	Equity Crowdfunding
Foundation year:	2016
Location:	London, United Kingdom
Number of employees:	11-50
Founders:	Adam Goodall, Sam O'Connor
Website:	https://getcoconut.com/

Target geographic market:

Europe

Awards:

About Product/Service

Products	Start and Grow Plans, Free UK current account; Expense tracking; Tax Estimate (sole traders); 2% on purchases abroad Unlimited Invoices; Free foreign currency exchange; Free replacement cards
Core product offerings for individual/retail customers	Business Current Account
Differentiating features of product	Connect your current accounts and credit cards to Coconut and get a complete view of your business across every account whenever you need it. If you need a business current account, open a Coconut account in minutes straight from your phone. Get a full UK account number and sort code as well as a Mastercard® debit card. Coconut automatically categorises all of your business expenses for tax as you spend, so you don’t have to worry about them later. Instant notifications remind you to snap the receipt, add notes and record VAT. Create and send invoices and manage your income straight from the app. Coconut will notify you when you get paid and automatically match the payment to your invoice. Coconut estimates how much you need to set aside for tax, so you'll never get to the end of the year with an unexpected bill. Get the numbers you need to complete the self-employment part of your tax return straight from the app. Easily set money aside to pay your tax bill with a dedicated tax vault. By separating the money you need to pay your tax bill from your day-to-day business account you’ll always know where you stand. With the freedom to top-up or withdraw from it manually you’ve got complete control. If you have an accountant, say goodbye to downloading and sharing bank statements. Share your business records with your accountant in real-time through the Coconut Accountant Portal. If you're new to the game Coconut has a panel of selected accountants that can help you, and a range of subscriptions to suit every type of business. And of course, all of company’s accountant partners seamlessly integrate with your data in the app, so you don't even need to lift a finger.
A free current account switch service	No
Regulators/Compliance	The Coconut current account is an e-money account provided by Prepay Solutions (PPS), a trading name of Prepay Technologies Ltd, which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuing of electronic money. PPS holds all funds in a safeguarded account in accordance with the Electronic Money Regulations 2011 which protects customers against Coconut or PPS’s insolvency. Not FSCS protected.
The Base Currency	GBP (£)

Product cost	"Start" - free; "Grow" - £5/mo
Openning a current account (business and personal)	Free
Issuing physical card and delivery	Online through the app only
Money transfers/payments	International transfer charge: 2% foreign currency exchange fee; Overseas transaction charge: 2% currency conversion fee
ATM withdrawals	UK ATM charge: £1; Overseas ATM charge: £1
Overdrafts	No
Other	Savings: No; UK Current Account: Yes
A free current account switch service	No

Key people

Sam O'Connor CEO

Funding rounds

Last Funding Date	Jul 9, 2020
Last Funding Amount	£2.5M
Last Funding Type	Equity Crowdfunding
Total Funding Amount	£4.4M
Number of Funding Rounds	5

Financials

Customer/Products segments	Online banking, payments, accounting, money management
Key product offering	"Start" and "Grow" Accounts
Banking license	No
Type of customers	For freelancers, contractors and SMEs
Number of investors	9
Number of lead investors	1
Names of lead investors	Apollo Informal Investment

Tech stack

The technologies that underpin a platform (FX, identity, infrastructure, security, payments gateways, business systems, APIs, etc.)	Viewport Meta, IPhone / Mobile Compatible, Google Analytics; No account software integration
Devices supported	iOS, Android
Languages	English

Competitors

Save comparison	Founding Date	Type	Tags
x Onfido	2012	Private	Onfido
x Amaiz Amaiz is a UK banking service that transforms the...	2017	Private	Challenger banks, fintech
x ClearBank ClearBank is the UK’s first new clearing bank in...	2014	Private	Challenger banks, fintech
x Simple Simple is online banking with superhuman customer...	2009	Private	fintech, challenger banks
x Gemalto Gemalto is an international digital security...	2006	Private	Gemalto