Fintech company AAZZUR has been approved for two UK Government-backed venture capital schemes aimed at encouraging investment in early-stage companies.
AAZZUR is revolutionising how people manage their money by building a platform that lets users access all their accounts and a wide array of financial services in one place. The company has now qualified for both the Seed Enterprise Investment Scheme (SEIS) and the Enterprise Investment Scheme (EIS).
The SEIS offers tax incentives to investors who buy new shares in UK-based start-ups which are no more than two years old, have fewer than 25 employees and gross assets of less than £200,000. Investors can receive up to 50% tax relief in the year the investment is made, although they must not hold more than a 30% stake in the company in which they are investing.
Meanwhile the EIS aims to help companies with no more than £15m in gross assets or 250 employees grow their business. The EIS allows eligible companies to raise up to £5m a year, to a maximum of £12m in the company’s lifetime, including any money raised through other venture capital schemes.
Companies eligible for either SEIS or EIS must follow various rules for at least three years after the investment is made so investors can claim and keep tax reliefs relating to their shares.
AAZZUR CFO Martin Damaske said: “Qualifying for the UK Government-backed SEIS and EIS schemes is a fitting testament to AAZZUR’s innovative platform that enables users to aggregate all their accounts and access a range of financial services all from one customer interface.”
For more information on SEIS and EIS and how the initiatives can benefit participating companies and investors, go to the UK Government website.
To find out more about how AAZZUR, which also has offices in Berlin, is driving the next wave of fintech innovation, visit the AAZZUR website.