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.
Recap is an encrypted, bespoke platform which allows those with complex cryptocurrency portfolios to track, manage and strategise by bringing all the information into one platform. One of its key features is to track the large numbers of taxable transactions many investors in cryptocurrencies incur, sometimes on a per second basis.
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.”
The fintech start-up, based in the East Midlands and founded by Directors Daniel Howitt and Ben Shepheard and is the first platform of its kind in the UK and is supported by software experts Selenity and chartered accountants Wright Vigar.
Daniel added: “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 develop our transaction matching IP, release our 1.0.0 version of the product and actively market the platform in the UK and US.
Recap is currently raising a £150,000 seed round led by a cryptocurrency investor and customer of Recap.
To find out more, visit the website here: www.recap.io