Ember, a software platform to automate tax and accounting processes, has raised £1.6 million in funding in a seed round led by fintech venture investment firm Anthemis. Others, including VC funds Innovation Nest and Spring Ventures, also participated in the round.
The funding will be used for product development, recruitment, and customer acquisition.
According to Ember CEO, Aaron Shaw, “Ember is at a crucial point in our growth as a software and a company. Having achieved proof of concept and organic customer growth since our pre-seed round, we’re now ready to bring on customers at scale and expand the progressive functionalities of the platform.”
Automates tax and accounting
Founded by Aaron Shaw and Daniel Hogan in 2019, Ember automates the tax and accounting process for freelancers, contractors, and small business owners across the UK.
Based out of London, the platform provides real-time accounting for business owners in a language and interface they understand.
“As the shape of our economy and workforce changes, our vision is to make running a business simple enough for anyone without a financial degree to do – from opening a business to closing it, and everything in between,” says Co-Founder and COO Daniel Hogan.
How was Ember born?
Notably, the company was born out of frustration with the current accountant/client relationship, which is costly, time-consuming, and leaves the business owner feeling disempowered.
By automatically filing taxes with HMRC, Ember saves business owners time, optimises their tax-efficiency, and gives them complete transparency over their company finances.
Uses open banking and machine learning
Ember does this by harnessing open banking and machine learning. Upon joining Ember and business bank account, the user will get all the financial information in one central feed. The platform lets the user manage a suite of tax obligations at a fraction of the cost.
Alongside Anthemis, backed Ember. Ruth Foxe Blader, Partner at Anthemis, says, “Ember has the opportunity to modernise small business tax preparation and accounting. Anthemis has a history of backing companies that support SME commerce, the backbone of the global economy. Especially as the pandemic strains entrepreneurship, we’re thrilled to support this progressive team.