February 24, 2024

London fintech agency Hammock raises $5.5 million to assist landlords go digital

UK FinTech agency Hammock has introduced a $5.5 million funding spherical with a dedication to assist landlords and their accountants within the face of sweeping digital reforms.

The spherical was led by Gasoline Ventures, along with Second Century Ventures and Ascension Ventures.

New Making Tax Digital for Earnings Tax Self Evaluation (MTD for ITSA) plans put the UK’s two million landlords and their accounting companions below elevated strain, requiring quarterly submitting of tax returns and the necessity to preserve digital information.

Manoj Varsani MBE, founder and CEO of Hammock, stated: “This can be a time of nice alternative for each landlords and their accountants. Authorities adjustments within the type of MTD for ITSA is a transparent sign that the digital future is on its approach.

“We’re delighted to have closed this important funding spherical, as we proceed to develop and strengthen our place because the supplier of alternative for each events.”

Studying from his personal experiences as a landlord, Varsani based Hammock to make property funds work more durable with bespoke banking, bookkeeping and property tax statements. Landlords who transfer away from spreadsheets and handle their property funds with Hammock discover fast advantages by way of financial savings of each money and time.

Mark Pearson, Founder and Managing Associate at Gasoline Ventures, commented:, commented: “We’re very comfortable that we will again the Hammock staff for a second time with a big ticket. They’ve proven unbelievable progress to this point with accountancies and plenty of extra are within the pipeline. With the laws adjustments coming to the area within the close to future, we at Gasoline are assured that the Hammock product could have important influence.”

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Giving landlords an clever dashboard and cellular app to accommodate all of their property funds in a single place, Hammock gives customers with real-time entry to transactions associated to their rental properties, automated bookkeeping and draft property tax statements. Landlords get full visibility on the efficiency of their buy-to-let investments, permitting them to optimise their enterprise choices, and to keep away from any surprises with the tax invoice.

“Our customers saved asking us to ask their accountants to Hammock, so they may have direct entry to the data they wanted to file taxes” – says Varsani – “Many high 100 accounting practices within the UK have joined Hammock since then, and extra preserve becoming a member of us each week.”.

“In Hammock, we see the identical entrepreneurial spirit and dedication to innovation that we now have,” stated [INSERT NAME, JOB TITLE at Second Century Ventures. “We’re delighted to associate with them at this thrilling time of their progress journey and stay up for sharing of their continued success.”

Varsani was awarded an MBE within the Queen’s New Yr’s honours listing for providers to charity. He based SOS Provides, a service to attach charities, the NHS and faculties to the UK’s out there inventory of Private Protecting Gear (PPE) in the course of the top of the Covid-19 pandemic, believing that ‘know-how is an enabler for good’. This mission was run by the staff at Hammock along with over 20 volunteers. All of them supplied their time and abilities at no cost, working within the evenings and over the weekend.

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He added: “The drive and dedication of the Hammock staff continues to encourage me every day. I passionately consider within the energy of know-how and we are going to proceed to offer assist for good causes as our enterprise grows within the coming years.”