Money Squirrel has secured £185,000 from the Lazaroo-Hood family office to develop their savings automation offering and empower UK businesses cashflow management.
The business is on a mission to empower companies to do more with their hard-earned cash. With Money Squirrel every time a business gets paid, it will automatically move allocations like tax into a separate savings account. Powered by Open Banking, the platform gives businesses the option to choose any business bank and recommends the best savings account.
Despite advancements in personal finance apps business finances remain outdated. The problem is significant, poor cash flow is the reason for over 82% of business failures.
Money Squirrel’s first agenda is to help businesses save for their tax payments. In 2023, over £4.8 billion in corporation tax and VAT returns were submitted late, an increase of 41% over two years, which means an increasing proportion of businesses are forced to either pay penalties for late payments or take on last minute loans to meet the deadline.
The pre-seed round is led by the newly established family office Lazaroo-Hood Group.
Money Squirrel is now available for businesses across the UK.
