WARNING: The law normally requires people who offer financial products to give information to investors before they invest. This requires those offering financial products to have disclosed information that is important for investors to make an informed decision. The usual rules do not apply to this offer if you are a person who comes within Schedule1, clause 3(2)(a)-(c) or 3(3)(a)-(b)(ii) (inclusive) of the Financial Markets Conduct Act 2013. This includes where the amount invested upfront by the investor (plus any other investments the Investor has already made in the financial products) is $750,000 or more.
If you fall within Schedule 1, clause 3 of the FMCA as a result of this exclusion, you may not receive a complete and balanced set of information. You will also have fewer other legal protections for this investment. Investments of this kind are not suitable for retail investors. Ask questions, read all documents carefully, and seek independent financial advice before committing yourself.
Established in 2013, Beany.com provides online accounting services to small businesses across NZ, Australia and the UK of which there are 7.8 million. It was created to overcome problems in the accounting industry:
- Hourly billing business model
- Overlapping & duplicated systems
- Focus on large business
- Focus on buildings
Beany leverages proprietary software that it built inhouse and in 2022 spun out to form Plugin Accountant, a B2B Saas startup that services Beany and other accountants. Beany is also a 19.8% shareholder in Plugin. This software automates the processing and validation of its data, produces accounts at half the cost, reduces onboarding time from weeks to minutes, cuts tax administration time by 90% and enables rapid scalability with Beany now serving thousands of businesses. In the background, unique integrations with rich data sources mean the Beany team can continually provide real-time insights to clients.
The business is growing steadily year on year (group annualised growth of 15% for FY Mar 2024) and operates in NZ, Australia, and recently launched in the UK. Total ARR exceeds $4m.
This is a secondary market opportunity offered by early investors who are seeking some liquidity and are open to negotiation on price. Further information will be provided upon request and signing an NDA.
