Online accountant gets £6m funding boost
A web start-up claiming to be the UK's first online accountancy business has obtained £6.25m in funding from a private equity capitalist Mercury Private Equity.
‘Web accountant’ Ascot Drummond provides services such as the management of accounts, payroll, bookkeeping, taxation issues and statutory requirements.
These can be accessed on clients’ personal websites 24 hours a day, seven days a week from anywhere in the world.
The venture estimates it has a ‘market potential’ of 3.2m small and medium-sized businesses in the UK.
Immediate plans for the investment include a new operations division to be based in Dundee and a major IT recruitment drive.
The venture already has a 450-strong client base.