Capitalise.com, the London-based financial marketplace for accountants, has raised a $4.5 million (£3.5 million) Series A investment round, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
The round was led by QED Investors, a US fintech venture capital firm, and supported by existing investor Hambro Perks, as well as Gauss Ventures.
Capitalise positions accountants as experts, using its data analytics and marketplace access, so it becomes the point of advice to discuss growth plans with small business clients.
Paul Surtees, co-founder and CEO of Capitalise, said it wants to build a “culture of funding.”
The firm cites the UK’s Institute of Chartered Accountants in England and Wales (ICAEW), which says access to finance and cash flow are business owners’ top concerns despite the UK market having 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.’”
According to Capitalise, its platform and online learning for accountants has allowed for an annual compounded growth rate of 234%.
“The recent raise will be used to expand our cloud product for advisers to navigate the market of financial products for SMEs”, explained Ollie Maitland, co-founder and chief product officer at Capitalise.
Through its online platform, Capitalise works with 105 partners, including PKF, Armstrong Watson, Farnell Clarke, BluSky, Wow and Woods Squared.
Not to be confused with fellow Finovate alum Capitalise from Tel Aviv, U.K.-based Capitalise demonstrated its platform at FinovateEurope 2016.