Earnr, a finance and tax app for the self-employed, has secured £650,000 funding in a round led by 7percent Ventures and with participation from Antler and FJ Labs.
The app launched by the London startup is targeted towards the 8 million creators and “side hustlers” across the UK who run a tax-eligible small business.
Earnr says the app will automate the financial and tax admin challenges that come with any side business.
The app provides a hub of tailored financial tools and services for the solopreneurs, including digital bookkeeping and accountancy services, automating tax returns, and access to expert help.
Anyone earning less than £3,000 from their side hustle can submit their tax return for free. For those earning above £3,000, Earnr charges a flat £99 fee.
The company is authorised and regulated by the Financial Conduct Authority. Those using the app to complete a tax return must apply for a Unique Tax Reference, a process that can take weeks.
“Many of us in the Earnr team started our side hustles during the UK’s many lockdowns and although doing this is getting easier than ever, finance and tax admin is always where complexity and the risk of expensive mistakes lurk,” said Enzo Ottens, co-founder, and CEO of Earnr.
“We know first-hand that when you set out with a new solo venture, the last thing you want is the distraction and buzzkill of financial admin bogging you down, even though it’s essential to avoid costly mistakes. So we’ve built a service that does it all for you, and automatically with a minimum of hands-on input.”
Ottens added: “As Earnr’s first launch, the new app paints a clear picture of our mission – to provide the financial tools people need to flourish as they explore new ways to earn a living and take control of their lives with new and different forms of self-employment.”