Lincolnshire-based company, Recap, a provider of crypto tax calculation services, is poised for significant expansion following its recent Innovate UK grant win.This milestone achievement marks a pivotal moment in Recap’s journey to revolutionise crypto asset management, with the £300k grant fueling the development of a pioneering, privacy-focused collaborative crypto tax and client due diligence platform tailored for accountants and professional services.Driving this initiative forward, Recap has brought together a consortium of industry experts – namely pioneers in source of fund analytics, Hoptrail, and top UK crypto specialist accountancy firms Andersen LLP and Wright Vigar – also headquartered in Lincoln.Together, they will enhance the platform’s capabilities to seamlessly track and process crypto asset transactions while ensuring trusted source of fund checks during customer onboarding.Speaking about the grant application success, Daniel Howitt, CEO and co-founder of Recap said: “This grant is a testament to our dedication to innovation and our commitment to addressing the evolving needs of the Crypto industry.“We are immensely proud to lead this project alongside esteemed colleagues and partners Andersen LLP, Wright Vigar and Hoptrail, who bring unparalleled expertise in accountancy, tax services and anti-money laundering compliance, respectively. “As HMRC urges crypto holders to disclose gains, it’s been a pleasure to assemble this team of ‘Crypto Tax Avengers’ to make the first steps towards revolutionising crypto asset management and equip accountancy firms with the cutting-edge tools they need to best serve their clients and remain compliant.
“With the support of Innovate UK and our esteemed collaborators, Recap is poised to lead the charge as the go-to solution provider for crypto tax and client due diligence.”Funding a 12-month project – already underway – the Innovate UK grant win represents a significant investment in Recap’s growth trajectory, with plans for its team of five to expand significantly over the next year, with multiple new hires in the pipeline.Playing a key role in the expansion of Lincoln’s digital hub, Recap’s ambitious drive to become the go-to provider for cryptocurrency accounting software is set to help boost the city’s economic landscape – drawing more fintech and digital asset experts to the area.Daniel added: “This investment is not just financial: it represents the confidence and support we’ve garnered from Innovate UK – a testament to our dedication to innovation, and the strategic vision we have for Recap and the future of crypto and digital asset management.“Moreover, our ambitious drive to become the top provider for cryptocurrency accounting software aligns with our hopes of contributing to the economic growth of Lincoln. By fostering innovation and job creation, we aim to make a lasting impact on the city’s financial standing.”
