Why We’re Fixing Freelancer Banking
I’m Adam, and I’m the co-founder of Coconut (formerly Monizo).
Coconut helps freelancers and self-employed workers to manage their money. It gives them a bank account with invoicing, receipt capture and tax management built-in.
Here’s why I co-founded Coconut.
I’m a freelancer
I started freelancing again in 2015 and began working with dozens of other freelancers. Now that I was self-employed, I asked around for advice on how best to manage my money.
I received with a variety of responses ranging from ‘get an accountant’ to ‘I don’t know either’. Neither of these seemed like appealing solutions to me, so I cast the net wider.
I spoke to 100 freelancers
I conducted interviews with dozens of designers, developers, event planners, hairdressers, shop owners and more about how they managed their money.
It quickly became clear that this community felt underserved by banks, and that the money management tools on the market weren’t ticking their boxes.
I work in financial technology (aka “FinTech”)
I’ve been working in FinTech for the last few years, and I’ve seen new banks like Mondo and Atom challenge the status quo. With the technology that’s available today, banks have an opportunity to up their game and provide more value-added services to their customers.
At Coconut, we want to lead the way in providing a tailored experience for freelancers and self-employed, rather than shoehorning them into a ‘personal’ or ‘business’ account based on a legal status.
I’m a startup enthusiast
I’m a product manager, which means I work with designers, developers and others to make digital products. I actually started my career as an accountant, but left to co-found a FinTech startup called ProConfirm which was acquired a couple of years ago.
Having been freelancing a while, like every other freelancer I speak to, I’ve grown to love the lifestyle. Self-employment is booming, and the future of work is changing. Coconut will help support the movement and help people to do what they love.