Tech

Hammock Financial Services Secures £ 4.62m Series A Investment Led by Fuel Ventures – UK Technology Investment News

LONDON – 05 July 2022: British fintech company Hammock announced a $ 5.5 million funding round with a pledge to help owners and their accountants face radical digital reforms.

The round was led by Fuel Ventures, along with Second Century Ventures and Ascension Ventures.

The new Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) plans put pressure on the UK’s two million landowners and their accounting partners, requiring quarterly tax returns and the need to keep digital records.

Manoj Varsani MBE, founder and CEO of Hammock, said: “This is a time of great opportunity for both owners and their accountants. Government changes in the form of an MTD for ITSA are a clear signal that the digital future is upon us.

“We are delighted to have closed this important funding round as we continue to grow and strengthen our position as the preferred supplier on both sides.”

Learning from his own experiences as a landlord, Varsani founded Hammock to make real estate finances work harder with bespoke bank, accounting and property tax returns. Homeowners who move away from spreadsheets and manage their real estate finances with Hammock find immediate benefits in terms of saving time and money.

Mark Pearson, founder and managing partner of Fuel Ventures, commented: “We are very happy to be able to support the Hammock team for the second time with a significant ticket. With legislative changes coming into space in the near future, we at Fuel are confident that the Hammock product will have a significant impact. “

By offering landlords a smart dashboard and mobile app to host all of their real estate finances in one place, Hammock provides users with real-time access to their rental property transactions, automated accounting and draft declarations property tax. Owners get full visibility into the performance of their buy-to-let investments, allowing them to streamline their business decisions and avoid surprises with their tax bill.

“We are delighted to support Hammock’s plans for continued growth across the real estate industry,” shared Tyler Thompson, Managing Partner, Second Century Ventures. “We have enjoyed working closely with Hammock’s talented and innovative team throughout their time in the REACH UK 2021 program and look forward to helping them reach an even greater scale.”

Varsani received an MBE on the Queen’s New Year’s Honors list for charitable services. He founded SOS Supplies, a service to link charities, NHS and schools to the UK’s available stock of personal protective equipment (PPE) during the height of the Covid-19 pandemic, believing that “technology is an enabling factor. for good “. This project was managed by the Hammock team along with over 20 volunteers. Everyone offered their time and skills for free, working evenings and weekends.

He added: “The drive and commitment of the Hammock team continues to inspire me every day. I strongly believe in the power of technology and will continue to provide support for good causes as our business grows over the next few years. “

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Media inquiries

Jonny Kerr, Account Manager, Element Communications

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Hammock Financial Services Secures £ 4.62m Series A Investment Led by Fuel Ventures – UK Technology Investment News

Source link Hammock Financial Services Secures £ 4.62m Series A Investment Led by Fuel Ventures – UK Technology Investment News

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