Wednesday, September 23, 2020

East Midlands cryptocurrency start-up secures £135k grant from Innovate UK to go global

Recap, a privacy-focused accounting software platform for cryptocurrency has secured a sizeable grant from Innovate UK to help launch its services worldwide.

Recap has been granted £135,136 as a winner of the Transforming accountancy, insurance and legal services with AI and data competition. The funding was provided through the Government’s modern industrial strategy by Innovate UK, part of UK Research and Innovation.

The fintech start-up, based in Lincoln and founded by Directors Daniel Howitt and Ben Shepheard is an encrypted, bespoke platform which offers those with complex cryptocurrency portfolios to track, manage and strategise by bringing all the information into one platform.

Co-founder and Director Daniel Howitt said: “It’s exciting times here at Recap, we have an ambitious backlog of work to deliver by March. The US tax deadline for the 2018 tax year closes mid-April.

“We want Recap to be available way ahead of this deadline, meaning we need to internationalise the product, design and build a US capital gains tax engine and also fully monetise the product so we can start collecting annual subscription revenue.

“The US launch comes off the back of our successful private beta launch to early adopters in the UK.”

Recap is the first platform of its kind in the UK and is supported by Lincoln software experts Selenity and Lincolnshire-based Chartered Accountants Wright Vigar. The investment raised will also mean the firm will create five full-time jobs locally.

Daniel added: “The grant in combination with our seed raise of £150,000 will allow us to meet the match funding requirement of our £135,000 grant to give us £280,000 investment.

“These funds will allow us to enter the US market, release our 1.0.0 version of the product and actively market the platform in the UK and US.”

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