Iplicit secures GBP £25M for cloud accounting expansion

Accounting software company iplicit has secured a GBP £25 million investment from technology growth investor One Peak, marking its first external institutional funding round.

The investment is set to allow iplicit to substantially accelerate its product development and support its growth goals. Since its inception, iplicit has focused on cloud-based accounting solutions geared towards UK mid-market businesses seeking more robust alternatives to entry-level and on-premises systems.

Iplicit's Chief Executive Officer, Lyndon Stickley, described the investment as a significant milestone, reflecting on the company's growth journey. "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," he stated.

One Peak's Co-founder and Managing Partner, Humbert de Liederkerke Beaufort, expressed enthusiasm for the partnership with iplicit. "We are thrilled to partner with iplicit on its journey to redefine accounting software for the UK mid-market," Beaufort said.

He continued, "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. We look forward to supporting iplicit's ambitious vision and next phase of explosive growth."

The announcement follows a successful year for iplicit, which included a 113% increase in revenue compared to the previous year. The company also received several accolades, such as a listing in the Deloitte UK Technology Fast 50 and an 18th place in the FT1000 list of Europe's fastest-growing companies. Furthermore, it achieved a top 10 ranking in the Sunday Times 'Best Places to Work' awards.

Reflecting on the investment, Stickley highlighted the strategic development of iplicit's network. "The One Peak team is the latest addition to our all-star line-up of investors and advisors. 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," he added.

Iplicit prides itself on having a UK-based engineering team, a factor that Stickley believes resonates with customers. "Our customers value our UK-centric development and support, alongside the power, flexibility, and affordability of our cloud software," he remarked.

Since its launch, iplicit has grown to serve over 2,000 organisations and supports more than 38,000 daily users. Stickley summed up the company's aspirations for the future, stating, "With this new investment and our strengthened leadership team, iplicit is on track for another stellar year in 2025. We're not just aiming to become a tech unicorn – we're set to redefine the accounting software landscape."