iplicit funding news – London-based iplicit Secures £25 Million in its First Institutional Funding

Right now, the cloud-based financial management sector is on the verge of such a change. Sage, the leading British cloud-based ERP provider, faces growing competition.

One rising challenger is iplicit, a London-based cloud accounting software designed for the UK mid-market. Recently, iplicit raised £25 million in its first institutional funding round, led by UK-based growth investor One Peak.

Founded in 2019, it aims to compete with Sage Intacct and secure a strong position in the £2 billion cloud accounting software market.

According to the company, it has achieved over 100% annual growth for six years. With this new funding, they are set to become a major player in the evolving cloud financial software market.

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The investment will accelerate product development and support the company’s rapid growth in the financial management software space.

The funding will also help iplicit expand its market reach and make it easier for businesses to switch from outdated systems or basic accounting software.

While Sage has long been a leader in the UK’s cloud financial software market, its market share has been shrinking due to competition. NetSuite and Microsoft have challenged Sage in the enterprise segment, while Xero has disrupted the lower end of the market. iplicit now joins this space, competing with software like QuickBooks, Xero, and others.

CEO Lyndon Stickley commented, “This investment marks a pivotal milestone in iplicit’s remarkable journey. Since our launch in 2019, we’ve achieved triple-digit revenue growth annually for six consecutive years. This new funding will enable us to sustain our momentum, continue delivering an exceptional experience for our customers, and solidify our position as the leading cloud accounting solution for the UK mid-market.”

Humbert de Liederkerke Beaufort, Co-founder and Managing Partner at One Peak said, “We are thrilled to partner with iplicit on its journey to redefine accounting software for the UK mid-market, iplicit’s award-winning, intelligent, powerful, and intuitive cloud accounting software, along with best-in-class customer support, makes it a standout leader in its category. This investment underscores our belief in iplicit’s ability to continue disrupting the market by delivering transformative value to customers who are looking to move away from legacy on-premises vendors or have outgrown the limited functionality provided by entry-level accounting software solutions. We look forward to supporting iplicit ambitious vision and next phase of explosive growth.

About iplicit

iplicit is a cloud-based accounting software designed for businesses that have outgrown basic systems or are frustrated with outdated, on-premise solutions. It offers greater flexibility advanced reporting, and easy integration with other cloud apps, making the transition from your current system seamless.