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A SYDNEY fintech is poised to take a bite out of the UK's private sector with the launch of its cloud accounting software.
Reckon (ASX:RKN) will target small to medium enterprises in the region with its Reckon One platform, which offers accounting services, automatic compliance updates, superannuation and leave tracking.
The UK represents a significant market for the company with the country supporting 5.4 million private sector businesses, of which 99.9 per cent are SMEs, according to research by the UK's Department for Business Innovation and Skills.
Reckon CEO Clive Rabie says only a small number of businesses use online accounting software despite a high level of technological literacy.
"The size and demographics of the UK's SME market represents a compelling opportunity for Reckon," Rabie says.
"We are well positioned to own the market and educate businesses on the future of online accounting, and support SMEs as they grow from startup to success.
"Our expansion of Reckon One into the UK illustrates our commitment to long-term growth within the company and will cement our reputation as a trusted and innovative software provider.
"Unlike our major competitors, we have built Reckon One entirely in-house using exclusively Australian resources. We are enormously proud to be expanding and taking on companies in the UK."
Rabie says the expansion caps off an 'exciting' 12 months for the company, including adding a payroll module to attract both sole-traders and SMEs and launching the product internationally.
Reckon also operates in the US and New Zealand.
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