London-based cloud accounting software provider iplicit has raised £25m in its first external institutional funding round. This large investment, led by growth equity firm One Peak, is expected to propel the product development of iplicit and accelerate its expansion in the financial management software market.

Read also: Juspay raises $150M Funding, Achieving Unicorn Status

About iplicit

Founded in 2019, iplicit has rapidly emerged as a leading cloud-based accounting software platform tailored for medium-sized businesses. The company offers a comprehensive suite of financial management tools designed to streamline accounting processes, enhance efficiency, and provide real-time financial insights.

Key Features

Comprehensive Financial Management: iplicit offers a general ledger, accounts payable and accounts receivable, cash management, and fixed asset management, thus providing a holistic look at financial control.

• Advanced Reporting and Analytics: iplicit provides great reporting capabilities, making it possible to generate detailed financial reports and draw actionable insights with customizable dashboards.
• Seamless Integration: iplicit is designed to seamlessly integrate with existing business systems, including CRM and payroll applications, to facilitate a unified and efficient workflow.
• User-Friendly Interface: With an intuitive and user-friendly interface, iplicit ensures that users can navigate the platform with ease, thereby reducing the learning curve and enhancing productivity.
• Scalability: Built to accommodate growing businesses, iplicit’s scalable architecture allows organizations to expand their operations without outgrowing the software.

These features have earned iplicit more than 2,000 clients who support above 38,000 daily users.

Funding detail

The latest round of £25 million is iplicit’s first external institutional funding round; this is considered a significant mark in the history of the firm’s growth trajectory. The round has been led by One Peak-one of the high-profile growth equity firms that primarily invests in technology-based companies with considerable growth potential.

Read also: Berlin-based fintech startup Tapline raised €20M led by Karim Beshara

Investor’s View

Humbert de Liederkerke Beaufort, Co-founder and Managing Partner at One Peak, said: “We are excited to partner with iplicit on its mission to transform accounting software for the UK mid-market. iplicit’s award-winning, intelligent, powerful, and intuitive cloud accounting software, combined with best-in-class customer support, makes it a standout leader in its category.”

Strategic Objectives Post-Funding

Infusion of £25 million by iplicit intends to accelerate its product development initiative and increase the market share. The strategic objectives include:

• Improvement of Product Features: Investment in developing new features and functionalities to meet changing needs of the medium-sized enterprises.
• Market Scale: Scaling the marketing and sales efforts to achieve a wider customer base in the UK market and eventually moving to international markets.
• Strengthening Customer Support: Improving customer support offerings to make this process seamless both for existing clients and new ones to the company.
• Talent Investment: Attraction of the finest talent to drive innovative solutions and support organizational growth objectives

These efforts shall help iplicit emerge as the leader in cloud financial software market movement.

Cloud Accounting Landscape

The demand for cloud-based accounting software has been growing, driven by the need for real-time financial data, remote access, and security. Scalable solutions, especially for medium-sized businesses that can adapt to their growing needs, would avoid the complexity and cost associated with traditional ERP systems.

The solution, implicit in its offering, combines the robustness of an ERP system with the flexibility and user-friendliness of cloud-based applications, thereby bridging the gap. Such a solution has attracted businesses seeking to upgrade from entry-level accounting software or replace outdated on-premise systems.

Read also: Amsterdam-based fintech startup Klearly raised €6M led by Global PayTech Ventures

Customer Success Stories

Many organizations have enjoyed the innovative approach of iplicit to cloud accounting. For example, non-profit organizations have used iplicit’s comprehensive reporting capabilities to manage funds effectively and maintain compliance with regulatory requirements. Similarly, professional services firms have used the platform’s project accounting features to track profitability and manage client billing efficiently.

These success stories underline the versatility of iplicit and its ability to cater to a diverse range of industries.

Future Outlook

With the significant support from One Peak, iplicit is now better placed to drive growth and innovation in the cloud accounting space. The company’s focus on providing powerful, intuitive, and scalable solutions is in line with the evolving needs of medium-sized businesses.

As financial management continues to be digitally transformed, iplicit’s cloud-based platform will be pivotal in helping organizations navigate the complexities of accounting and financial reporting.