Dubai-based Oncount raises $1.5m for AI accounting
Dubai firm targets MENA and Central Asia SMBs with AI finance tools
#UAE #funding – Dubai-based accounting technology startup Oncount has raised $1.5 million in a Seed funding round led by tech entrepreneur Sergey Panov. The investment will fund the launch of Oncount’s AI-powered accounting platform for small and medium-sized businesses in the UAE, with plans to expand into Saudi Arabia, Egypt, Kazakhstan, and Uzbekistan. The platform aims to reduce costs, simplify compliance, and address the impact of new tax rules on SMBs.
SO WHAT? – The Oncount funding is one of a number of successful funding rounds by AI companies in the Gulf over the past few months. There has been a significant increase in the number of AI startups funded in the region and most have been AI startups with a specific domain or industry focus. The trend tends to suggest that there is more funding available in the market for AI startups in the region.
Here are the key details:
Dubai-based accounting technology startup Oncount has raised $1.5 million in a Seed funding round led by tech entrepreneur Sergey Panov.
The investment will accelerate the development and market launch of Oncount’s AI-powered accounting platform for SMBs in the UAE.
SMBs represent 90% of businesses in the UAE, contribute around half of national GDP, account for 42% of jobs in Dubai, and generate about 40% of the city’s economic value.
New tax measures are adding pressure: a 9% corporate tax, rising accountant salaries, and penalties for tax non-compliance reaching AED 50,000.
Oncount’s platform offers automated bank reconciliations, AI-powered document processing, personalised tax calendars, and same-day transaction processing.
Subscriptions include support from a dedicated team of accountants and tax experts as well as liability insurance for added assurance.
The company aims to expand regionally into Saudi Arabia, Egypt, Kazakhstan, and Uzbekistan after its initial UAE launch.
These markets are viewed as underserved and are facing stricter compliance regimes and higher accounting costs for small businesses.
[Written and edited with the assistance of AI]