As an innovative UK fintech, we qualify to receive R&D cash grants and credits from His Majesty's Revenue and Customs (HMRC) — The UK's governmental tax authority responsible for the collection of taxes, the payment of some state benefits, and the administration of various regulatory regimes.
This valuable support recognises the inherent risks and significant investments associated with developing cutting-edge financial technologies. By incentivising research and development, HMRC fosters innovation and helps companies like ours to grow and contribute to the UK economy.
Each year, we’ve qualified for HMRC R&D cash credit scheme which allows us, as an eligible UK-based startups that are making a loss to claim back a portion of our spending on qualifying research and development activities as a cash payment from HMRC annually. This provides crucial financial support to innovative companies by reducing the costs associated with their R&D efforts.
We’ve received the following cash R&D payments:
| Year | Annual Amount |
|---|---|
| 2020 | $220,656 |
| 2021 | $251,150 |
| 2022 | $400,551 |
| 2023 | $192,361 |
| TOTAL | $1,064,719 |
** 2024’s R&D application is still pending and is expected to be paid out in Q4 2025.*
We expect to be able to continue to claim R&D cash credits until 2029.
| Year | Annual Amount |
|---|---|
| 2024 | $200,000 |
| 2025 | $290,000 |
| 2026 | $310,000 |
| 2027 | $350,000 |
| 2028 | $350,000 |
| 2029 | $350,000 |
We’ve applied for an Austrian-based €100,000 R&D grant to support the development of a new technology. We are working with KPMG on this grant and are quietly optimistic that we’ll receive the cash disbursement in H2 2025.