Fintech Hnry banks $35 million in Series B round to fuel Australian expansion and entry into new markets
Summary
Oversubscribed round follows strong triple digit growth and brings Hnrys total funding to more than AUD$60M New investors include AirTree Ventures, sports stars Mitchell Starc and Matthew Dellavedova, and Akshay Kothari, COO of Silicon Valley software powerhouse NotionHnry, Australias fastest growing accountancy fintech, has completed its AUD$35m Series B round as it unveils ambitious growth plans to double headcount, expand internationally and invest in further product innovation.The oversubscribed round brings on leading Australian investor AirTree Ventures, Athletic Ventures and existing investor, New York-based Left Lane Capital, and takes Hnrys total investment to more than $60m.Individuals backing Hnry via Athletic Ventures, a syndicate of current and former elite athletes, include cricket star Mitchell Starc and NBA basketball player Matthew Dellavedova. Akshay Kothari, Co-Founder and COO of Silicon Valley software company Notion, is also participating in the round.The new investment follows an impressive 12 months for the award-winning company which continues to grow market share, tripling revenues and nearly quadrupling its customer base, in contrast to the tech downturn globally.Hnrys all-in-one digital accountancy platform takes care of everything from tax payments and lodgments to invoicing and expenses. Approximately 1.5M Australians classify their primary occupation as self-employed, generating estimated earnings of around $90bn a year, with the number of Australians registering as sole traders growing by tens of thousands every year.Karan Anand (pictured), Managing Director of Hnry Australia, said, Were thrilled that AirTree Ventures and Athletic Ventures have invested in Hnry. Its also great to see existing investors following on with further investment, showing their continued enthusiasm for the Hnry service, and their excitement about our future trajectory, including expansion in Australia and potentially other markets as well.Australias self-employed have long been an afterthought when it comes to tax, finances, and financial services, so building the business so we can bring our offering to many more people is exciting and rewarding.Jackie Vullinghs, Partner at AirTree Ventures, said, Figuring out how much tax to pay as a sole trader is stressful and Hnry removes that pain entirely. A service that can take the stress and hassle out of tax means one less thing to worry about giving time back to recover and enabling self-employed people to focus all their energy and attention on being the very best at what they do.