Crowd funded FinTech signed up by Royal Bank of Scotland

January 20, 2017 by Will Peakin
Crowd funded FinTech signed up by Royal Bank of Scotland

Software will be linked with businesses’ agreement to their bank accounts

Edinburgh-based cloud accounting firm FreeAgent has announced a partnership with the Royal Bank of Scotland (RBS) and NatWest to offer its software to the banks’ small business customers.

“We’re absolutely thrilled to have been chosen from over 30 vendors to support Royal Bank of Scotland and NatWest’s business customers,” said co-founder Ed Molyneux.

“By moving onto the FreeAgent platform, we hope life will become easier for these small business owners – who in many cases have to do their accounting themselves – by allowing them to concentrate on running their businesses.

“This is a really exciting partnership for us and we look forward to developing our relationship with Royal of Scotland and NatWest throughout the rest of 2017 and beyond.”

FreeAgent’s software-as-a-service (SaaS) will be linked with businesses’ agreement to their bank accounts, offering integration with the banks’ existing platform as well as access to FreeAgent’s software.

The company was founded in 2007 by former RAF pilot Molyneux, along with Olly Headey and Roan Lavery whom he met when working as a freelance technology consultant.

In 2015, it raised £1.2m from 700 investors on crowd funding site Seedrs. Last November, it raised £10.7m last after it began trading on the Alternative Investment Market (AIM) and is today valued at just over £35m.