US fintech investor backs financial marketplace Capitalise.com in £3.5m Series A
Business loan comparison platform Capitalise.com has raised £3.5m in Series A investment.
The London-based startup has created a financial marketplace that partners with accountants to create what CEO Paul Surtees calls a “culture of funding”.
Accounting professionals are able to use Capitalise’s data analytics and marketplace access as they discuss growth plans with SME clients.
Its aim is to offer institutional partners broad market access with competition between the potential providers, giving SMEs the choice they need to avoid unplanned, ill-informed and potentially expensive funding decisions.
Announced today (February 21), Capitalise’s latest funding round was led by US fintech venture capital firm QED Investors. Other participants included existing Capitalise investor Hambro Perks and newcomer Gauss Ventures.
Paul Surtees, co-founder and CEO of Capitalise, said: “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.”
The head of QED’s office in London, Yusuf Ozdalga, commented: “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.”
He continued: “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.”
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