5 Feb 2025

Kiwi fintec company Hnry spots chance to enter the UK market

11:57 am on 5 February 2025
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Hnry chief executive and co-founder James Fuller. Photo: Hnry

New Zealand financial technology company Hnry is expanding to the United Kingdom, targeting millions of sole traders.

The Wellington-based company, which provides digital accounting services for sole traders, said the launch aligned with the British government's digital tax initiative.

The company is eyeing up the UK's 4 million sole traders. It said its combined Australian and New Zealand market has grown by 58 percent over the last two years, driven by its $35 million capital raise in January 2023.

Hnry chief executive and co-founder James Fuller said the fintech's potential was significant and the UK launch was two years in the making.

"The UK market is twice the size of the Australian and New Zealand markets combined - so this expansion marks a pivotal milestone for Hnry and our growth trajectory."

Fuller said despite a successful expansion to Australia in 2020, the UK tax landscape presented new challenges.

"While there are similarities between all of our markets, there are important differences - for example, in the UK, they handle their version of GST - VAT - differently to how Australia and New Zealand do. This is why we've taken the time to build robust infrastructure and engage with regulators and our banking partners."

Hnry UK would be led by Manase Mtopa, a chartered management accountant with previous experience at Experian and Lloyds Banking Group.

"Hnry is uniquely positioned to support UK sole traders navigating the new digital tax requirements. People choose to work for themselves for many reasons, but we've found that managing their taxes isn't one of them," he said.

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