Barclays provides Crunch with £1.2m of funding to support its future growth ambitions
Barclays has confirmed its working partnership with Brighton-headquartered Crunch by providing a £1.2m loan to support the UK’s first online accountancy firm in its future growth ambitions.
Launched in 2009 by CEO Darren Fell, Crunch helps freelancers, contractors, small businesses and sole traders with their accounting needs. Alongside innovative accounting software, every client has an accountant, a dedicated client manager and unlimited access to support. The company operates from its head office at Telecom House, Preston Road, Brighton and employs more than 180 people. Annual turnover grew by 18% last year to just under £10m and is set to more than double over the next three years.
The firm plans to use the additional funds to accelerate organic growth by further developing its accounting software, expanding its services for SMEs, as well as increasing its online customer base which currently stands at over 10,500 clients across the UK.
Darren Fell, CEO and Founder, commented: “Almost ten years after setting up Crunch this level of external funding is a first for us. This is super exciting as it will enable us to branch out into new markets by expanding our small business accounting service to the bigger 10-49 employee businesses. This loan proves the strength of the business and leads the way to further equity investments to catapult the business forward. Our team at Barclays has been fantastic and has shown real support for our ambitious growth plans.”
Graham Godley, Corporate Relationship Director for Barclays, commented: “As part of our plans at Barclays to enhance our high-growth offering to the market, we are extending our lending capabilities and credit appetite for ambitious, entrepreneurial tech businesses like Crunch. Barclays is uniquely placed to support high growth businesses and entrepreneurs, from start-up, to scale up, to IPO. The UK economy needs innovation and innovators need finance and our aim is support clients such as this up and down the UK.”