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Tech Lowdown: Clear Books, Samsung, Slack and Monzo

This week’s roundup features the collaboration of Clear Books and Samsung, a false report causing Slack’s shares to surge, and new plans from digital bank Monzo.

18th Feb 2020
Staff Writer AccountingWEB
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Clear Books partners with Samsung

Last week, accounting platform Clear Books announced that it would be entering into a partnership with electronics company Samsung from 13 February. Following the collaboration, small businesses purchasing Samsung’s range of S10 smartphones will receive a six month’s free subscription to Clear Books’s accounting platform. 

The gift subscription offers access to all features of Clear Book’s app and web platforms, including invoice sending, purchase tracking, creating and submitting HMRC returns, and view complete financial reports. Samsung-Clear Books users will also be able to share records with other users from inside and outside the business to collaborate.

According to Clear Books, the purpose of the partnership is to help small businesses owners keep track of their business finances on-the-go. The promotion provides small businesses with “easy to use accounting software, [helping] them to gain confidence and control over their business finances,” said Clear Books CEO Ruth Fouracre.

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Slack stocks spike

Workplace collaboration tool and chat hub Slack saw its shares reached a high of 21% on 10 February after an article mistakenly claimed IBM as a Slack customer.

Business Insider falsely reported that IBM would be exclusively using the platform as its workplace collaboration service, causing Slack’s share price to rocket. Subsequent Slack stock trading was frozen until after-hours trading when shares reduced to just over 7%.

Slack also issued a filing with the US Securities and Exchange Commission to dispute the report which said: “IBM has been Slack’s largest customer for several years and has expanded its usage of Slack over that time. Slack is not updating its financial guidance for the fourth quarter of the fiscal year ended January 31, 2020 or for the fiscal year ended January 31, 2020.”

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News from Monzo

Digital bank Monzo announced today plans to hire 500 more staff and relaunch its paid accounts in a strategy to reach its target of 5.5m customers by the end of the year. According to chief executive Tom Blomfield, Monzo’s total number of employees is likely to reach 2,000 by the end of 2020. Monzo's current UK customer base is around 3.8 million.

Monzo is planning to relaunch its paid-for accounts by April 2020, completing its turbulent, original launch 2019. The leading digital bank has also hinted at plans to raise further funding this year. Blomfield acknowledged, “We learned that things that seem a universal truth when you are 50 people, launching iteratively as no one is paying attention, when you do that with 3.5 million customers it’s foolish.”

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