Business

AccountsIQ raises £5m to help accelerate growth plans

AccountsIQ aims to address problems faced by businesses operating across multiple different locations, currencies and jurisdictions

AccountsIQ, a Financial Management Software (FMS) for mid-market SMEs with multiple subsidiaries, branches and locations, has secured a €5.8m (£5m) investment from UK- and-Netherlands-based venture capital firm, Finch Capital.

Developed by a founding team of chartered accountants with over 100 years’ combined experience in implementing finance systems, AccountsIQ aims to address problems faced by businesses operating across multiple different locations, currencies and jurisdictions.

AccountsIQ said that the funding will be used for accelerated growth and recruitment across sales and marketing, customer success and engineering to “continue to enhance the product”.

Tony Connolly, AccountsIQ CEO and founder, said: “The combination of Brexit and Covid has led businesses to reconsider their regional presence. Previously, businesses looking to expand or franchise internationally would have to implement complex and expensive systems to manage these operations. Now they can do it all with a cloud-based, scalable and affordable FMS solution.

“We built AccountsIQ as a cloud solution to make it easy for individual entities to manage local finances while providing instant group-wide control and analysis of results.”

Aman Ghei, partner at Finch Capital, added: “In today’s dispersed world, AccountsIQ’s focus on serving businesses growing locally and internationally, has never been more relevant. As investors in companies that are shaping the future of finance we are excited to back this established executive team and award-winning product.

“We look forward to supporting AccountsIQ through its ambitious plans for rapid growth and expansion.”

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