Company: iplicit
Founder: Ian Andrews
Website: https://iplicit.com
About iplicit
iplicit is a cloud accounting platform, launched in 2019, that’s been purpose-built for the UKs midmarket (organisations with around 30-500 employees). For fast-growth tech and SaaS businesses that have outgrown their entry-level cloud solutions, iplicit delivers more advanced controls, reporting and accounting functionality. This is essential as these businesses grow and their finance teams needs become more complex. iplicit also provides a more modern, future-proofed solution for the tens of thousands of organisations still reliant on legacy, on-premises finance systems, such as education and public sector bodies.
iplicit is disrupting the midmarket finance space in the same way Netflix took down Blockbuster. Netflix took Blockbusters cumbersome and often punitive business model of long waits and late fees and gave the power back to the customer. In many ways, before iplicit, the accounting software market was eerily similar. Multi-year contracts that locked businesses in, often with price hikes after a certain period, in the knowledge that the customer had no alternative. Strict right to use (RTU) licenses that held critical data captive and threatened massive exit fees, should customers want to leave.
iplicits model is customer-centric and says NO to multi-year contracts and RTU licenses, helping customers leave just as easily as they join. Born in the cloud, iplicit can be implemented in a fraction of the time of higher-end enterprise-level systems, meaning less disruption for finance teams.
Since launching in 2019, iplicit has continued to expand its customer base rapidly, now serving organisations in sectors such as tech, education and multi-academy trusts (MATs), housing associations, nonprofits and more. From 2019 to 2022, iplicit grew its headcount from 9 to 37 and hit its first customer milestone of 500 organisations on the platform, with 3,000 daily users.
Today, it now has a team of 150, serving more than 38,000 daily users in over 2,000 UK midmarket organisations. iplicit has achieved six consecutive years of triple-digit revenue growth, with 113% year on year (YoY) growth in 2024. This secured it a spot on the Financial Times FT1000 for two years in a row (2024 and 2025), marking it as one of Europes fastest growing businesses.
Starting out, iplicit was bootstrapped with £18.5M worth of personal investment by its management team. In 2024, two major figures in the B2B software space joined iplicit as investors and advisors. Øystein Moan, former CEO of Visma, and Nic Humphries, Exe. Chair at Hg. In January 2025, iplicit secured its first external institutional funding round – a £25M investment from leading technology growth investor One Peak.
Having delivered £6.6M ARR in 2024 – exceeding its enhanced target – iplicit is now on track to deliver £12.4M ARR or more this year. Looking ahead, from 2026 to 2028, its trajectory is looking like £20M, to £35M to over £50M ARR, across that period.
