London-Based iplicit Secures €29.7 Million to Advance Its Cloud Accounting Platform

iplicit, a UK-focused cloud-based accounting software provider, has raised €29.7 million in funding from technology growth investor One Peak. The investment, which represents iplicit’s first institutional funding round, will be directed toward product development and scaling the company’s operations.

Launched in 2019, iplicit has grown steadily to support over 2,000 mid-market organizations across the UK and Ireland, with more than 38,000 daily users relying on its platform. Designed to address the needs of mid-sized businesses, iplicit provides a comprehensive financial management solution that aims to replace legacy systems and meet the challenges of evolving financial operations.

Commenting on the investment, CEO Lyndon Stickley said, “This investment marks a pivotal milestone in iplicit’s remarkable journey. Since our launch in 2019, we’ve achieved triple-digit revenue growth annually for six consecutive years. This new funding will enable us to sustain our momentum, continue delivering an exceptional experience for our customers, and solidify our position as the leading cloud accounting solution for the UK mid-market.”

The funding is expected to further accelerate the company’s expansion efforts, including its marketing initiatives and partnerships. Stickley highlighted plans to engage with top resellers and accounting firms in the UK, emphasizing the company’s goal of broadening its partner network. He added, “We anticipate 2025 to be another breakthrough year as we expand our marketing efforts and partner network, recruiting top Sage and Advanced resellers and many of the UK’s Top 50 accounting practices.”

One Peak, known for its investments in technology-driven companies, expressed confidence in iplicit’s growth potential. Humbert de Liederkerke Beaufort, Co-founder and Managing Partner at One Peak, stated, “iplicit’s award-winning, intelligent, powerful, and intuitive cloud accounting software, along with best-in-class customer support, makes it a standout leader in its category. This investment underscores our belief in iplicit’s ability to continue disrupting the market by delivering transformative value to customers who are looking to move away from legacy on-premises vendors or have outgrown the limited functionality provided by entry-level accounting software solutions.”

What sets iplicit apart in the competitive accounting software market is its UK-based engineering team, which focuses on local customer needs. Stickley noted that customers appreciate this approach, along with the affordability and flexibility of the platform.

The company reports an impressive 113% year-on-year revenue growth in 2024 and aims to maintain this trajectory with the support of the new funding. Stickley concluded by emphasizing iplicit’s commitment to providing robust and cost-effective solutions tailored to the needs of mid-market businesses, as the company moves forward with ambitious growth targets.