FreeAgent raises $5m for small business accountancy software

Company which targets freelancers and small firms to use debt finance to expand its marketing operations

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Cloud accountancy software company FreeAgent has secured $5m debt finance from SaaS Capital in a move to support a nationwide marketing drive.

Founded in 2007 by Ed Molyneux, Edinburgh-based FreeAgent targets its software at freelancers and small businesses and operates in a highly competitive market alongside the likes of Clearbooks, Crunch Accounting, Sage and Intuit.

The company currently has over 35,000 customers which use its solution for their business accounts where they can track time, log their expenses, create and send invoices and forecast tax bills.

It will use the funds to fuel “customer acquisitions” and wider growth.

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