Invoicing and tax app Coconut has bagged ?2.4m in its crowdfunding campaign, after achieving three-times growth over the past 12 months.
The FinTech app secured the capital on the Crowdcube platform, with support coming from around 3,003 individual investors.
Coconut stormed past its initial goal, which had been set at just ?700,000 and shares were priced at ?0.02 apiece. A total of 16.78% of Coconut equity was sold through the crowdfunding campaign.
The FinTech platform raised the capital at a pre-money valuation of ?12m, the campaign page states.
Coconut was developed with the goal of making self-employment easier than being employed. It does this by combining payments, accounting and tax, which will reduce the manual work of the business.
The company launched in 2018 and offers a financial companion app for the self-employed. Users can connect their current accounts and cards in order to get a holistic view of a finances.
Earlier in 2020, the FinTech opened its accounting and tax platform to anyone with a current account or credit card from 20 UK banks.
Over the past 12 months, the company claims it has added another 25,000 users, a growth of three-times. It also formed a partnership with payments giant PayPal.
This is the FinTech second crowdfunding campaign, which was closed in 2018 on ?1.8m.
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