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MyT

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MyT is an innovative accounting software powered by AI and designed for accountants and businesses.

132%
 - 
Funded 20 Jul 2021
£100,003 target
£135,460 from 247 investors
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Business overview

Location Croydon, United Kingdom
Social media
Website www.mytbusiness.com
Sectors SaaS/PaaS Digital Mixed B2B/B2C
Company number 10745708
Incorporation date 28 Apr 2017
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Investment summary

Type Equity
Valuation (pre-money) £1.6M
Equity offered 7.53%
Tax relief

SEIS

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Business highlights

  • Proprietary AI software.
  • Easy to use Accounting software.
  • HMRC recognised software provider for new MTD regulations.
  • Over 500 users secured without any extensive marketing spend.
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Key features

  • Secondary Market
  • Nominee investment min. £16.25 +

Idea

Introduction

MyT is an innovative subscription-based service designed for small businesses to support their need to submit financial information to HMRC under the Making Tax Digital initiative, which is mandatory from April 2023. Making Tax Digital is for individuals and businesses to get their tax right and keep on top of their affairs.

MyT provides a simple way to keep track of business finances on the go, send and manage invoices and bills, record expenses and mileage. MyT is the perfect solution for companies with limited time and budget. Easy to use and quick to set up, MyT works on a range of devices and allows businesses and accountants to harness the power of AI without any technical experience.

The platform is designed to be intuitive and easy to use, it is built with the future in mind. As we grow and expand, we will be able to offer more features to streamline the accounting process. MyT is here to support SMEs and accountants as they grow their business.

Substantial accomplishments to date

• MyT has acquired over 500 users without extensive marketing effort, in part due to our innovative Artificial Intelligence solution that was developed in house.

• User feedback has helped to develop MyT, providing us with suggestions for new features that have been successfully implemented.

• Recognised software provider for HMRC Making Tax Digital. HMRC will introduce Making Tax Digital for self employed businesses as a mandatory process from April 2023.

• MyT app is available on App Store and Google Play and has had 1000+ downloads to date.

• Optical Character Recognition (OCR) invoice extraction to improve efficiency and accuracy.

• Integration of Artificial Intelligence into the bookkeeping functionality to make it easier to users to maintain proper records for tax returns.

• Registered trademarks for 'MyT' logo, 'T' icon logo, 'Easy Accounting' and 'a mighty powerful app' phrase.

• MyT is an Artificial Intelligence cloud-based accounting software.

Monetisation strategy

MyT is an affordable subscription service with five flexible options to choose from.

These options differ in functionality, so you can pick the solution that best suits your needs at any one time and scale up or down as needed.

Accountants can use the app for free, and refer their clients to our service.

Use of proceeds

Based on our strategy, we intend on using half of proceeds to implement our marketing plan. A third for development of new technology and the remaining proceeds for administrative expenses.

Key Information

Outstanding debt

MyT has a Bounce Back Loan for £5000 with and interest rate of 2.5% to be paid back over 6 years. The first year is interest free.

The funds raised in this round will not be used to repay these loans.

Tax Relief

The first £150k invested in the round is eligible for SEIS tax relief and will be offered on a first come first serve basis.

Investments over £150k will be eligible for EIS.

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To comply with financial regulations, we can only show full campaign details to registered users.

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Only shareholders can access this page

If you successfully purchase a share lot of this business, you will be granted access.

Buy shares

Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This campaign for MyT has been approved by Seedrs Limited (trading as Republic Europe) ("Republic Europe", "us" or "we"), as of 19 May 2021 as a financial promotion. Republic Europe is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. In approving this campaign, Republic Europe has concluded that the information, taken as a whole, is "fair, clear and not misleading." This means that for factual statements we have reviewed evidence of their accuracy, and that for aspirational statements we believe they are phrased appropriately in light of their speculative nature. You should note that in the case of factual statements, the evidence we review is provided by the business, and we do not audit it, which means that we may not be able to identify forged or altered evidence. You should further note that in the case of aspirational statements, the nature of the type of businesses presented on the Republic Europe platform is such that they are likely to have high ambitions, and we may approve statements that convey those ambitions even where we do not believe, or we do not have a view on whether it is likely, that they will be fully realised. The pre-money valuation and investment sought in the campaign are those set by the business: they are not reviewed or established by us, and the valuation is not an independent view of what the business is worth. Given the nature and type of businesses presented on the Republic Europe platform, it is possible that the business has very little cash remaining prior to receiving this investment, and the investment sought may be necessary for the business's on-going existence.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £1,625,000

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

Learn more about pitch type on Seedrs

Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

Find out more

Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

Find out more

Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

Find out more

Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

Warning

You are following a link outside of europe.republic.com.

None of the information in constitutes part of the campaign and it has not been approved or reviewed by Seedrs.

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