Fintech startup launches bookkeeping app for side-hustlers
The app will automate bookkeeping and tax returns and provide access to earnr’s experts when needed.
A booking and tax returns app for the self-employed and side-hustlers has launched, following a £650,000 fundraise.
The app, launched by startup earnr, is geared towards the increasing number of those with side-hustles alongside their main job. Earnr says there are around eight million people who run a tax-eligible side business
London-based earnr plans to launch further financial tool and services for the self-employed, following its debut app.
The app, it says, automates the financial and tax challenges incurred by the self-employed.
“Handling finance and tax are a major cause of anxiety and stress and as very few people have any real interest or experience in these disciplines, mistakes are all too likely,” it says.
“These can easily lead to a loss of income, expensive fines and even threaten the viability of an otherwise great side venture,”
Specifically, the app will automate bookkeeping and tax returns and provide access to earnr’s experts when needed.
It uses a mix of open banking and its own AI to automate tax returns.
Anyone earning less than £3k from their side hustle can submit their tax return for free while for those earning more than £3k, earner charges a flat £99 fee.
The funding round was led by 7percent Ventures and was joined by Antler and FJ Labs.
Enzo Ottens, cofounder and CEO of earnr said, “Many of us in the earnr team started our own side hustles during the UK’s many lockdowns and although doing this is getting easier than ever, finance and tax admin is always where complexity and the risk of expensive mistakes lurk.
“We know first-hand that when you set out with a new solo venture, the last thing you want is the distraction and buzzkill of financial admin bogging you down, even though it’s essential to avoid costly mistakes. So we’ve built a service that does it all for you, and automatically with a minimum of hands-on input.”
“As earnr’s first launch, the new app paints a clear picture of our mission - to provide the financial tools people need to flourish as they explore new ways to earn a living and take control of their lives with new and different forms of self-employment.”