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Coconut
The accounting & tax app for self-employed people
- 21-100 employees
- Fintech
- B2C
- B2B
- Banking
- Bloomsbury, London, UK
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Company mission
Their mission is to free millions of people from business admin worldwide, by combining banking and accounting into one simple product.
Our take
Coconut are targeting freelancers and small business owners instead of taking on the whole space (like Starling or Monzo). This focus should help them to win over customers who can see the product has been designed with them specifically in mind.
Coconut pivoted from current accounts and instead doubled down on bank statement feeds through open banking. This change of approach means that any freelancer or small business can use Coconut regardless of existing banking arrangements.
The company have introduced a new app as part of their open banking pivot. They have also partnered with SME challenger, Tide, combining their specialisms so the self employed can connect their Tide accounts to Coconut through open banking.
Freddie
Company Specialist at Welcome to the Jungle
Benefits
- 25 days holiday (excl. bank holidays)
- Work from home opportunities
Company values
- Show me you care: We all care passionately about doing our jobs well, and we show it through dedication, hard work and a continuous hunger for quality and improvement. We go over and above in all aspects of our work to show customers we care by delivering the best products we can
- Drive things forward: Coconut is a startup with big ambitions – so we want to work with ambitious and independent minds. We need everyone to take responsibility for driving things forward – both their own role, their department and the company as a whole. Be a protagonist and an instigator - even if you don’t always get your way, we’ll appreciate the energy
- Be brave: To achieve our vision we have to believe in a world that doesn’t exist yet and to create products that no one else has imagined. This requires high quality ideas that challenge preconceptions but also brave actions with uncertain outcomes. If we’re not doing anything that surprises ourselves or our customers, we can be sure we’re not doing justice to our ambitions, or impacting our customers’ lives.
- Open minds seek change: We believe that strong views are important, but also that you should be open to new ideas and viewpoints. Come with intelligent and passionate contributions, and help us see things from new angles. At the same time, actively seek out challenges yourself and maintain a willingness to learn, grow, and let go of opinions you previously held
- Get out of the office: The vast majority of questions we have can be answered by our customers. Don’t go round in circles debating what’s right or wrong, get out of the office to find the answer. Speak directly to customers, run experiments and analyse data to make decisionsThe vast majority of questions we have can be answered by our customers. Don’t go round in circles debating what’s right or wrong, get out of the office to find the answer. Speak directly to customers, run experiments and analyse data to make decisions
Funding (last 2 of 5 rounds)
Nov 2022
$0.5m
SEED
Jul 2021
$1.3m
SEED
Total funding: $8.8m
This company has top investors
Leadership
Sam O'Connor
(CEO)Founded ProConfirm (making audit confirmations faster), eventually acquired by Confirmation.com where Sam was a Commercial Director. Started career in audit at PwC
Adam Goodall
(Co-founder)Founded ProConfirm with Sam (a signal of the strength of their partnership). Started career in audit at PwC