UAE-based accounting technology startup Oncount has raised $1.5 million in a seed funding round led by tech entrepreneur Sergey Panov. The investment will fuel the development and launch of the company’s AI-powered accounting platform, designed to support Small and Medium-sized Businesses (SMBs) in the UAE and the wider region.
Addressing A Critical Need For SMBs
The launch comes at a pivotal time for businesses in the UAE. With SMBs representing 90% of the nation’s businesses and contributing significantly to the national GDP, they are facing increasing financial and regulatory pressures. These challenges include a new 9% corporate tax, rising accountant salaries, and the risk of substantial penalties for non-compliance, which can reach up to AED 50,000. Oncount aims to alleviate these burdens by offering an affordable and efficient tech-first solution.
An AI-Powered Solution
Oncount’s platform leverages artificial intelligence and automation to streamline complex bookkeeping and tax workflows. Its core features include automated bank reconciliations, AI-powered document processing, personalized tax calendars, and same-day transaction processing. Differentiating itself from pure software solutions, every Oncount subscription includes a dedicated team of accountants and tax experts, as well as liability insurance, providing a comprehensive service for business owners.
Fueling Regional Expansion
The seed capital will be used to finalize the platform’s development, execute go-to-market plans, and onboard its initial SMB clients within the UAE. Following its local launch, Oncount has ambitious plans for regional expansion, targeting key markets such as Saudi Arabia, Egypt, Kazakhstan, and Uzbekistan, where there is a growing demand for streamlined compliance solutions. “SMBs across MENA and Central Asia face mounting pressures: more taxes, higher wages, and growing compliance risks,” said Sergey Panov, Founder of Oncount. “We see a tremendous opportunity to bring our tech-first model to these markets and give business owners the peace of mind to focus on growth.”
About Oncount
Oncount is a Dubai-based accounting technology startup developing an AI-powered platform for Small and Medium-sized Businesses. The company’s mission is to simplify accounting, tax compliance, and financial reporting by combining advanced automation with a dedicated team of human experts to help businesses navigate complex regulatory environments.
Source: Waya
