Freeagent inks software tie-up with RBS

Freeagent, the Edinburghbased accounting software specialist, has fought off competition from more than 30 rivals to land a deal with Royal Bank of Scotland.

Under the tie-up, small business customers of RBS and its Natwest arm will be offered free access to Freeagent’s service, which has been piloted by the state-backed lender since October.

Freeagent, which employs more than 100 people, develops accounting software aimed at the UK’S five million “micro-businesses”. It said the deal with the banking giant would cater for all of its small business customers’ finance requirements, “from timeslips to tax returns and quality after-sales support”.

The company floated on London’s Alternative Investment Market in November, in a move that valued the firm at more than £34 million.

Marcelino Castrillo, managing director of business and private banking at RBS, said: “The way customers want to bank with us is constantly changing, so it is important for us to innovate. From over 30 vendor proposals we chose Freeagent because of their willingness to collaborate with us and shape a proposition that really works for our customers, as well as the capability of their platform.”

Freeagent boss and cofounder Ed Molyneux said: “Given that our relationship with RBS only started in October, we do not expect a material revenue contribution from licences sold under the agreement for the year ending 31 March 2017. However, we are naturally excited about the potential for this agreement.” 0 Chief executive Ed Molyneux ‘excited’ at deal