Addition is a financial services firm in London helping small and medium businesses take control over their finances. Founded by finance expert Graham Davies, Addition offers SMEs a full suite of tailored plans – from bookkeeping to growth funding.
Today, Addition supports over 150 businesses across a wide variety of industries – from vegan confectionery to tech recycling and AI. We are passionate about delivering high-quality, cost-effective and innovative solutions that are as unique as our clients.
How did you come up with the idea for the company?
Before setting up Addition, I worked in senior finance roles for 14+ years, in companies of all sizes across the UK. During my time as a startup CFO, I noticed a disparity in service quality for SMEs. They seemed to consistently get the raw end of the deal, with overpriced fees and poor customer service. Many aspects of their bookkeeping were archaic (think shoeboxes full of receipts), laborious and DIY.
Most importantly, small and medium businesses were not being given access to the in-depth financial insights offered to their larger corporate counterparts. I wanted to give SMEs the quality of service that they deserve and need to thrive. That’s when I decided to launch Addition – to level the financial playing field and help SMEs to win big.
More from Interviews
- Meet Jamie Kyte, Founder at Kyte Financial Planning & The Retirement Guy
- Startup Profile: myPlane
- Meet Erik Wikander, CEO and Co-Founder At Content Marketing Platform: Zupyak
- Monica Eaton, Founder and CEO of Chargebacks911 and Women In Tech Judge, Explains What She’s Looking for From Entrants
- Meet Owen Thompson, CEO of Cambridge Future Tech
- Investor Insights: Everything You Need To Know About Index Ventures
- Investor Insights: Everything You Need To Know About Downing Capital Group
- Meet Sheryl Cuisia, CEO and Co-Founder, The Engagement Appeal
How has the company evolved during the pandemic?
We grew a lot during the pandemic. More than ever, SMEs were looking for financial guidance and expertise. We helped old and new clients gain access to new funding, and advised them on how to navigate through the uncertainty.
One of the ways we did this was through our flexible finance plans. Each package comes with additional service offerings (such as CFO support) which can easily be added, removed or reduced as needed. This helps our clients to streamline costs when times get tough, without impacting on the quality of service.
What can we hope to see from Addition in the future?
We’re currently working on our Addition app for clients. With this app, our customers will be able to send documentation straight to their books with a simple snapshot. Additionally, our customer success team will communicate directly with customers via the app, supporting them on a daily basis in managing the finances of their business, and importantly, helping them achieve their financial goals.
This means when it’s time for annual accounts, we’ve already got everything we need from our clients to act quickly. The app also allows us to report financial data to customers in real-time – meaning we can offer them tailored insights and advice in a quicker and more efficient manner. This works both ways as well. We can see the figures in real-time, and so can our clients – which enables them to act on insight, not hindsight.
The feature that we’re most excited about is its ability to turn data into discoveries that move the customer’s business forward. With our app, clients can check whether their new breakfast menu is really paying off, see how their customers’ habits are changing, or pick the right time to expand.. We’re all about keeping things simple and giving people what they really need. This new app is a fantastic way to make that happen.