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Coconut launches limited company current accounts

Martin Greenland | 16:58 Wednesday 2nd January 2019

Coconut has launched limited company current accounts and an invoicing tool, having recently exceeded its crowdfunding target by 400%.

The new current account will help freelancers, self-employed workers and owner-managed businesses by automating bookkeeping and tax tasks using rich payments data.

Coconut said that 4,500 sole traders opened current accounts following its launch in January 2018.

Some 5,000 limited companies have pre-registered for the new limited company current account.

Sam O’Connor, co-founder and CEO at Coconut (pictured above), said that Coconut’s vision was to bring everything customers needed to run their business into one simple product.

“By launching our limited company product, we can support one person or owner-managed businesses and 5,000 have already pre-registered.

“We’ve been blown away by the support of our customers and community.”

The Coconut team raised over £2m through its crowdfunding campaign, exceeding its original £500,000 target.

Last month, Coconut was also announced as one of Nesta’s Open Up Challenge winners and awarded £200,000, which it will use to further develop more products for self-employed and UK SME owners.

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