AI-driven accounting platform for small and medium businesses in the UAE secures $1.5M in funding for its launch
In the rapidly evolving accounting sector, Dubai-based Oncount is making waves with its AI-powered accounting platform designed to transform Small and Medium-sized Businesses (SMBs) finance management. The startup, founded by Sergey Panov, former CEO of Action, alongside Nicol Kuznetsova and Ivan Anohin, has recently secured $1.5M in seed funding.
Oncount's platform offers a range of premium features, including voice-activated document creation, same-day transaction processing, guaranteed quick response time for accounting questions, and professional liability insurance. These features aim to provide an accurate and efficient solution to the mounting pressures SMBs across MENA and Central Asia face: more taxes, higher wages, and growing compliance risks.
The platform utilizes artificial intelligence and automation to streamline bookkeeping and tax workflows, reducing costs while enhancing accuracy and efficiency. Each subscription includes tax registration and filing (CT and VAT), full-service accounting, a dedicated team, comprehensive compliance support, and financial reporting.
Oncount's services are designed to be attractive for SMBs due to the tiered pricing structure ensuring that businesses of all sizes and needs can benefit from its services. The subscription model offers plans ranging from 508 AED to 4,212 AED monthly, scaled to business size and complexity.
The funding will accelerate the development and launch of Oncount's proprietary AI-driven accounting platform. With this investment, Oncount is set to expand throughout the MENA region and Central Asia, focusing on underserved SMB segments and markets with increasing regulatory complexity. Opportunities for expansion are being explored in Saudi Arabia, Egypt, Kazakhstan, and Uzbekistan.
In the UAE and beyond, SMBs represent 90% of all businesses and contribute up to 50% of national GDP. In Dubai alone, SMEs account for 42% of the workforce and contribute approximately 40% of the city's economic value. Oncount's expansion aims to address the mounting pressures faced by SMBs in these regions, offering a tech-first solution to streamline finance management and give business owners the peace of mind to focus on growth.
According to Sergey Panov, Founder of Oncount, there is a tremendous opportunity to bring Oncount's tech-first model to these markets and give business owners the peace of mind to focus on growth. With its AI-powered platform, Oncount is poised to revolutionize SMB finance management in the MENA and Central Asia regions.
Read also:
- User Data Analysis on Epic Games Store
- Rachel Reeves conducts a discussion with Scott Bessent and financial executives, focusing on investment matters
- Hyundai accelerates production plans: Introducing 7 new N models, aiming for a sales figure of 100,000 units by 2030.
- Yasa, an electric car engine producer, plans to broaden its operations.
