Coconut is the current account that takes care of your accounting and tax. Designed for freelancers, self-employed people and small business owners.
|Funding Status:||Equity Crowdfunding|
|Location:||London, United Kingdom|
|Number of employees:||11-50|
|Founders:||Adam Goodall, Sam O'Connor|
Target geographic market:
|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|
|Other||Savings: No; UK Current Account: Yes|
|A free current account switch service||No|
|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|
|Customer/Products segments||Online banking, payments, accounting, money management|
|Key product offering||"Start" and "Grow" Accounts|
|Type of customers||For freelancers, contractors and SMEs|
|Number of investors||9|
|Number of lead investors||1|
|Names of lead investors||Apollo Informal Investment|
|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|
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