London-based FCA-regulated banking app GoSolo has launched its operations to support founders seeking to create a U.K. limited company and business account. The fintech company has also raised a £800,000 funding led by SFC Capital, Menlo and the co-founders of unicorn Grammarly, Max Lytvin and Alex Shevchenko.
The U.K. has established itself as one of the biggest entrepreneurial capitals of the world. From 2020 to 2021, there were 810,316 company incorporations, a year-on-year increase of 21.8%, according to Companies House. However, the process of setting up and managing a business in the U.K is still too cumbersome. As an entrepreneur, Dima Pimakhov, founder and CEO, GoSolo experienced the headache of managing a business in the country and it was this experience that came in handy as he created GoSolo.
The platform offers global and local entrepreneurs access to a suite of tools that removes the time-consuming and confusing process of setting up a U.K. limited company and the subsequent managing of finances such as invoicing.
Commenting on the new startup and what it intends to achieve, Dima Pimakhov said: “With GoSolo, we wanted to create a service that was just as accessible for both UK-based entrepreneurs and founders based across the globe. Launching a startup in the U.K. is the logical step for any founder with global ambition due to the abundance of capital, global reach, access to a huge market and developed infrastructure. GoSolo makes founding a company in the U.K. accessible to anyone and enables millions of dreamers around the world to launch their startup business in the U.K.”
The features of GoSolo include setting up a U.K. limited company in less than 15 minutes, easy invoicing and virtual serviced business address in a prime London location.
You don’t have to be a UK resident to use the platform. It is the exact same process for non-UK residents located in 90 different countries.
The platform is free to use if you live in the U.K. and costs £250 annually for non-UK residents.