NPIF - Maven Equity Finance, managed by Maven and part of the Northern Powerhouse Investment Fund, has invested £1.25m in My Digital Accounts, a cloud-based accounting and payroll software which supports HMRC’s widely-publicised Making Tax Digital (MTD) initiative.
An end to end software package incorporating CRM, MTD compliant bookkeeping and bulk payroll modules, My Digital Accounts serves the temporary labour market and is the first to have a payment solution for every link of the contractor supply chain. Designed by a team with years of industry experience, the company’s software helps businesses navigate an industry of complex legislation.
My Digital Accounts’ offering supports the HMRC’s MTD initiative, which aims to make the government body one of the most digitally-advanced tax administrations in the world and simplify the process for individuals and businesses managing their tax.
The £1.25m funding will support the company’s mission to double its staff numbers and the development of a North-West focused IT apprenticeship hub. The investment will also be used to scale up the company’s marketing activity, to promote My Digital Accounts’ product offering in line with the MTD campaign.
John Whelan, Founder of My Digital Accounts, said: “This investment from NPIF, will help My Digital Accounts scale its marketing activities to raise awareness of its product offering, particularly to support companies in HMRC’s widely-publicised Making Tax Digital (MTD) initiative which affects all companies with turnover in excess of £85,000.
“Over the last four years, My Digital Accounts has driven an ambition of developing HMRC compliant software, specifically focused on easing the burden of complex tax legislation on temporary workers, and those who look after them, in the UK.
Sue Barnard, Senior Manager at British Business Bank, said: “My Digital Accounts is a company with a unique and useful product which is set to guide both businesses and individuals alike through the process of managing their taxes. With this important offering and global presence through its subsidiary in India, this company is primed for expansion; we’re pleased to be able to support its headcount growth and marketing activity with this investment.”
Gavin Bell, Investment Manager at Maven Capital Partners, said: “My Digital Accounts’ solution focuses on serving the growing temporary labour market. The product is well established having gone through significant development and is well positioned to take advantage of the market shift to digitalise accounting practices. We’re excited to be partnering with John and the team to help support further growth of one of the region’s most innovative FinTech businesses.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.