XBOOKS Ltd, a London, UK-based crypto accounting and tax reporting startup bags £425K in pre-seed funding. This round closed in October 2022 and was led by SFC Capital, NexumStp, and some angel investors.

With a focus on growing the user base, revenues, and staff, the company is using the cash to consolidate the current markets. Due to its impressive results over the previous six months, XBOOKS has now opened a Seed round of funding with a goal of raising £1M by the end of 2023 to expand its operations into three more European nations.

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Founded in 2022 by Federico Pacilli, XBOOKS offers CryptoBooks, a platform for cryptocurrency tax reporting that enables people and businesses to generate reports of all their transactions, categorize them, determine capital gains and losses, and gather all the accounting information required to prepare tax returns or company financial statements in accordance with the tax laws and provisions of the reference country.

The business, which is nearing the conclusion of its Private Beta phase, already has over 1,200 paying customers who contribute more than £190K in revenue and over £150K in annual recurring revenue (ARR). These customers were mostly attracted through organic marketing and partnership initiatives.