Capitalise.com, the FCA regulated financial marketplace for accountants has announced it has obtained a £3.5m Series A investment round.
The round was led by US Fintech venture capital firm QED Investors and supported by existing investor Hambro Perks, as well as Gauss Ventures.
Capitalise was set up to create a “future of sustainable businesses, supported by experts”. It positions accountants as the experts, to use the platform’s data analytics and marketplace access, advise and discuss growth plans with small business clients.
The funding will be used to expand the platform’s cloud product for advisers to navigate the market of financial products for SMEs and to embed funding expertise in their firms with Capitalise Pro.
Capitalise partners with accountants to build what Paul Surtees, co-founder and CEO, describes as a “culture of funding” which strengthens the businesses of both SMEs and their accountants. UK accounting body ICAEW cites access to finance and cash flow are business owners top concerns despite the UK market boasting over 360 small business lenders.
Surtees said: “Whilst the bank manager might be a thing of the past, we say it is ‘long live the accountant’. A revolution is occurring within the accounting industry, as automation from cloud technology is allowing for accountants to diversify their revenue streams and support SMEs in areas which previously would have fallen outside of their remit.
“While, international accounting body, IFAC finds that 50% of accountants expect to be advising on alternative finance, Xero is petitioning The Oxford English Dictionary to change its definition of the word ‘accountant’ to something that truly reflects what it means to be an accountant in 2019.”
Yusuf Ozdalga, the head of QED’s London office added: “We are very excited to partner with Capitalise in the next stage of their growth story. We believe that the accounting and advisor community plays a crucial role in helping the small and medium sized businesses in the UK that are so crucial for a growing and dynamic economy.
“Capitalise’s unique platform helps accountants better serve and help their clients by demystifying and streamlining the funding process, and bolsters their position as trusted advisors.”