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Start-up fintech company raises $35 million, triples in growth

Fintech start-up company based in Wellington, Hnry has raised $35 million in capital raise, projecting the growth of the company to double as they expand.

In the past year, Hnry has tripled in revenue, becoming the largest and fastest growing digital accounting service that automates admin for independent earners, contractors, freelancers and more.

Co-Founder James Fuller says with Hnry they are bringing the traditional accountant and client relationship to the 21st century.

“Providing a highly efficient all-in-one service with high rates of compliance that comes at a low cost to our customers – maximising their time and saving them money,” he says.

“This will be even more important in 2023, as economic conditions toughen, and sole contractors are even more cautious with their expenses.”

Their recent capital raise saw the company secure a $35 million investment from AirTree, one of Australia’s largest venture capital firms that helped the success of the likes of Canva.

Jackie Vullinghs, Partner at AirTree says the decision to invest in Hnry came after the love customers have expressed for the app across social media, surveys and more.

Hnry also received investment from Australia’s Athletic Ventures, New York’s Left Lane Capital and New Zealand’s Icehouse Ventures.

Read more: Partly becomes New Zealand’s fastest growing start-up

Altogether, the total amount of investment raised for the start-up since 2018 totals to nearly $60 million. The successful investments bring Hnry in the top decile of New Zealand start-ups.

“In just a few short years, they’ve created a product adored by self-employed people everywhere, and their growth in the Australian market is just the beginning,” says Icehouse Ventures CEO Robbie Paul.

James Fuller, Jackie Vullinghs & Claire Fullers.

With the investments, Fuller says this will help expand the company across the ditch while also helping provide greater productivity, time-saving benefits and more to clients.

“This significant investment sets us up really well for the future. Our investors can see the potential for Hnry to grow, enter new markets, as well as develop and offer new products and services,” says Fuller.

“Their sentiment echoes what we hear from our customers across multiple industries and professions, who say our service is a game-changer when dealing with the burden of financial administration that comes from being self-employed.”

In 2023, Hnry will be releasing new products and services, designed to make self-employment easier.

“This investment will fast-track the development and roll-out of new products and services, taking what we offer to the next level – directly benefiting around 20 percent of New Zealand’s workforce,” he says.

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