My Digital Accounts Limited

My Digital Accounts Limited, based in the UK, offers innovative cloud-based payroll and accounting solutions tailored for the UK workforce, enhancing operational efficiency for businesses in the contracting and temporary workforce sectors. Founded in 2015 in Wilmslow, UK, My Digital Accounts Limited specializes in digital payroll and accounting services. The company has completed 2 deals to date, with its most recent deal occurring on June 3, 2024, where management acquired a 51% majority stake from Maven Capital Partners. The company has raised a total of GBP 1.

250 mn, with its latest funding round being GBP 1. 250 mn, and the current valuation is GBP 4. 456 mn. My Digital provides a comprehensive suite of cloud-based payroll and accounting solutions specifically tailored for the UK workforce.

Their core offerings include My Digital Payroll, designed for umbrella companies to manage payroll processes with enhanced automation and expert support. In addition, My Digital Finance serves the contracting sector, featuring customized capabilities for handling self-billing invoices, flat rate VAT, and bulk payroll tasks. My Digital Bridge facilitates VAT return submissions directly to HMRC, ensuring compliance with the Making Tax Digital initiative. The company's services cater to a diverse clientele, including start-ups and established firms in the temporary workforce market, improving operational efficiency and service delivery.

In 2024, My Digital reported a revenue of GBP 3,466,200. 4 and an EBITDA of GBP 200,955. 3. The revenue model is primarily subscription-based, allowing businesses to automate their payroll and financial tasks.

Clients gain access to various functionalities for payroll processing, accounting, and VAT submissions, with flagship products like My Digital Payroll and My Digital Finance being central to this revenue structure. As of June 2024, My Digital Accounts Limited aims to expand its product offerings and enhance its market presence. The company is exploring the launch of new features within its existing products and considering entry into additional geographic markets. The recent funding will be utilized to support these initiatives, including potential technology upgrades and expansion efforts to better serve a growing customer base.