Last updated:
Coconut is a fresh face on the financial technology market, hoping to make money management easer. Unlike many other growing fintech companies, Coconut is not presenting itself as a challenger bank – instead focusing on providing a useful and innovative tool for tracking business finances.
Read on to find out more about Coconut and whether it might be an option for you.
Coconut aims to make your business finances easier and through doing so “free you up to do more of the work you love”. It does this by relieving you of some of the stress that comes with your tax returns and expenses – estimating the tax you’ll owe, documenting paid or unpaid invoices and tracking expenses.
Alongside these features Coconut works as a business current account, giving you control over the money you earn through your trade.
Apart from the card you are sent in the post after you register, Coconut works through an app on your phone.
Rather than relying on bells and whistles, Coconut delivers an app which works to make things as simple as possible for the user. Displaying your earnings front-and-centre, Coconut encourages you to explore the app from there.
Along with the introductory screen Coconut provides a number of features including:
Coconut specialises in delivering a finance-management tool for freelancers, small businesses directors and the self-employed, and doesn’t spread itself too thin. However, if you’re looking for a card to take abroad, you may opt for the pay-monthly account offering fee-free currency conversion.
Coconut offers a free or pay-monthly account:
Security is high on Coconut’s priority list, and Coconut works hard to make itself as safe as possible. Your account is kept behind a two-step authentication process and your password is encrypted using industry standard encryption.
Coconut regularly scans for threats and backs up data to make sure it’s always safe.
What is it?
Everything you get from a current account, but with new features for mobile living. (E.g. Goals for saving, spending catgorisation, interest on your balances)
What is it?
App-based bank account that can be used on the go in any EU country. All about the ease of sending and saving money.
What is it?
App-based current account with loads of extra features. (e.g. Real time transactions, payment categorisation, save spare change, free international money transfers, buy cryptocurrency)
What is it?
A multi-currency mobile banking app that aims to be ‘built around you’. Use it to open a fully functional current account instantly, straight from your phone, all supported by a feature-rich mobile app
