The Accountancy Cloud, a business that provides a cloud-based accounting solution for SMEs, has secured a £1.5m loan from alternative lender BOOST&Co to expand the business on a national scale from its roots in London and the South East.
The SaaS company will use the funding to create more than 100 jobs in the UK over the next three years, with new roles across its finance, marketing, sales, product development and customer success teams.
The Accountancy Cloud provides online accountancy services, including bookkeeping and access to accountants and chief financial officers (CFOs), to supporting startups with financial processes. These services are automated and available in one place via its proprietary CFO platform, which is accessible from anywhere in the world.
BOOST&Co has chosen to work with The Accountancy Cloud because it has achieved considerable growth in recent years as it continues to solve the challenges that face SMEs. Demand has increased due to the impact of Covid-19 on businesses, with an even greater need to understand cash flow and have access to the real-time data provided by the company’s platform.
Wesley Rashid, chief executive of The Accountancy Cloud, says: “We are pleased to be working with BOOST&Co to help fund the expansion of our team and continue to grow on a national scale. Having recently won the 2021 Accounting Excellence Medium Firm of the Year Award, we are looking forward to what the future holds and to building on the success we have seen so far.”
Adam Brinn, head of London and the East at BOOST&Co, says: “It’s been a pleasure to work with Wesley and the Accountancy Cloud team at an exciting time for the business. Our growth loan will be used to further develop the platform and fund a nationwide expansion of the sales and marketing teams, creating 100 jobs in the next three years.
“We are excited to be working with an ambitious management team of established entrepreneurs at a critical time of growth and look forward to being a part of their journey.”