New tax platform for SMEs launches following £250k seed investment
A new platform aiming to support SMEs with accounting and tax has launched after securing six-figure seed funding.
Fintech Ember has launched its app following a £250k seed investment round led by Startup Funding Club.
Established by co-founders Aaron Shaw and Daniel Hogan and powered by open banking, Ember aims to simplify the accounting process by automating processes such as tracking, management, calculation and submission of tax.
Aaron Shaw, Ember’s CEO, explained: “The idea for Ember was born of first-hand frustration with being self-employed with no financial training.
“After setting up my own company as an IT contractor, I was struck by how onerous the process of managing my books was: hours spent decoding HMRC’s website, precious time wasted categorising expenses.
“When I eventually buckled and paid an accountant, I felt constantly in the dark about what he was lodging on my behalf. It became painfully obvious to me throughout the experience that so much of the accounting function could be automated, and other parts made simpler.”
The firm, which is part of NatWest’s Accelerator Programme, intends to use the funding to develop new features such as automated payroll and tax return submission.
Daniel Hogan, Ember’s COO, explained: “We believe in an economy powered by small business, where everyone is able to work freely and flexibly with no barriers to contracting or starting your own thing.
“With progressive tech, intuitive software and language everyone understands, we’re putting control back in the hands of the business owner rather than the accountant.
“Our vision is to automate the entirety of the business admin process, from starting a company to closing it down, and everything in between.”
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