Startup Spotlight: RDvault
Twitter Handle: @rdvault
Management/Leadership team: Shoayb Patel
Founded (Date & Location): Founded February 2017 in Manchester
Describe your business:
RDvault is the world’s only fully integrated R&D tax credits software revolutionising the way businesses and advisors prepare R&D tax credits claims in hours, not days or weeks, for a fraction of the cost.
We have helped businesses successfully claim millions through our platform.
HMRC issues R&D cheques of around £4.2 billion to businesses each year, costing SME’s £600m in advisory fees to access these funds.
Traditional means of claiming R&D tax credits are costly, complicated and highly time-consuming; often requiring the assistance of an accountant or tax advisor.
For the first time ever, businesses can prepare HMRC compliant R&D tax credit claims, track in real-time exactly how much they are expected to receive, allowing them to plan expenses and make insightful business decisions.
We operate on a fixed fee basis, which means irrespective of the value of the R&D claim our software will never cost more than £1,995.
Why did you choose FinTech Connect?:
Our software has revolutionised the way companies make R&D tax credits claims. Our FinTech startup is on track to save businesses millions of pounds in R&D tax advisory fees.
We want to gain massive exposure within the FinTech community, a sector accustomed to high R&D intensity, and offer a solution which helps businesses avoid expensive and needless advisory fees and help such companies retain most of their R&D tax credits.
Our aim is to speak with FinTech startups and R&D intensive business at the event and explore ways of educating and helping them retain more of their annual cheque from HMRC.
Twice VC backed, we’re getting ready for our Series A round and looking to meet serious investors who understand the FinTech industry and can add value to RDvault.
Do you have customers yet? If not, how far into your business lifecycle are you?
We have some serious traction and are helping more and more businesses every single day. Only recently, a company called Voltaware, backed by BP ventures, was able to recover £207,000 of R&D tax credits in under four hours using our platform. And we have a 100% user retention to date, and never lost a single user or had a single claim rejected by HMRC.
Check out our Trustpilot page for some of the more recent reviews.
How have you funded your growth to date?
RDvault has been in receipt of VC investment from the get-go! We’re EIS friendly, and looking to raise our Series A round to scale massively in the UK and other geographic locations around the world!
What's your 'origin story'?
Our Founder, Shoayb Patel has a first-class degree in Engineering and is a qualified chartered accountant with the ICAEW specialising in tax advisory. Shoayb recognised that the R&D tax credit claims are worth over £4 billion in the UK alone and forecasted to grow over the coming years.
Advisors and accountants are charging up to 30% of the value of the R&D claims in advisory fees and started the venture RDvault to revolutionise the way businesses claim R&D tax credits. As an example, a type claim could be worth say £80,000 and advisors would charge around £24,000 in advisory fees.
Shoayb was tired of seeing businesses give away tens of thousands of pounds in advisory fees each year. With over a decade of experience in tax advisory and his passion for technology, Shoayb founded RDvault to automate the way businesses make R&D tax credit claims.
RDvault is the only software on any cloud accountancy platform which automates the way businesses make R&D tax credits claims and has already helped businesses save hundreds of thousands of pounds in advisory fees.
Where and how do you differentiate yourselves against the growing FinTech start-up demographic?
We are the world’s first and only R&D tax credits platform that offers an end to end solution to prepare R&D tax credit claims. RDvault is an approved app on the Xero marketplace, and soon to launch on the Quickbooks, Sage and FreeAgent marketplaces over the coming weeks and months.
Our unique in-house tax advisory and tech expertise sets the perfect foundation for a growing and successful venture, and together with our founders’ industry experience, we’re really able to accelerate and revolutionise the way businesses prepare R&D claims.
As an unforeseen by-product, our platform also helps businesses generate on average, £500k of R&D drawdown loan facilities each month alone!
What's been your greatest challenge in growth to date?
What is your advice to people seeking to kickstart their own business?
The key question to ask oneself is are you setting up a lifestyle business or looking to scale nationally or globally. Think about the problem the venture is trying to solve, and start speaking to prospective customers well and truly before you’ve even created your first line of code.
Ask potential customers to imagine your solution, or perhaps even draw it out (wireframe) and get them to interact with the solution well before its developed.
Once satisfied that there are genuine pain points and an appetite for a solution in your target market, only, then seek to develop the quickest and simplest minimum viable product to present to your cohort of customers.
That way, you have the agility to pivot your solution, target market or business vision as a whole.
I’d also thoroughly recommend reading the book ‘The Lean Startup” - a must for all aspiring entrepreneurs!
What is your greatest achievement as business thus far?
Very soon after our launch, RDvault was approached by a well-known R&D tax boutique with a takeover offer (which we of course declined). This cemented our vision of becoming a constructive disruptor in the way R&D tax credits advice is dispensed throughout the UK and globally over time.
Why should our community come and meet you at the show?
Both startups, well-established businesses, VC/Investment funds, and those involved with investee companies should come and meet us to explore how they can utilise RDvault to create efficiencies, save time and save money claiming R&D tax credit claims.
Our unique platform is very intuitive and easy to understand, and a quick 5-minute demo of the product is more than sufficient to understand how we have overcome many of the pain points businesses and advisors face.
In preparation of a Series A round, we’d be very keen to speak with investors interested in this area of FinTech.