Recap Technologies is a Fintech company building privacy-focused products and services for the new cryptocurrency economy. It has developed the only non-custodial crypto tax platform on the market, Recap. The two founders have been involved in the cryptocurrency industry since early 2013, when they went through Europe's largest tech accelerator, SeedCamp. They also have a combined 25 years of software engineering experience in various hands-on and leadership roles working for companies such as Centrica, BAE Systems, Compare the Market and Tribal Group
Interview with Recap's co-founder and CEO Dan Howitt
Recap is a cryptocurrency portfolio tracking, analytics and tax reporting platform. Recap enables investors to discover their tax position in the cryptocurrency market, by connecting to all of their cryptocurrency exchanges and wallets, where the platform then values all the transactions to local currency and calculates a tax position.
Recap also has plans for a mobile application enabling investors to track their portfolio on the move and a B2B offering, enabling crypto native companies to account for their cryptocurrency activity with automatic accounts reconciliation to Xero and Quickbooks.
Recap enables individuals to calculate any tax they owe on their cryptocurrency trading activity in a matter of seconds. In almost all jurisdictions cryptocurrencies are classed as 'capital assets'. This presents market participants with a lot of friction points; namely having to track all of their transactions, value cryptocurrency transactions in their tax currency and understand capital gains tax legislation to work out what tax they owe.
For a fairly typical user with 2400 transactions it could take 20+ hours (30s per transaction) to attempt this manually in a spreadsheet, which would be highly error prone; even then they would still require support from their accountant.
Recap charges a SaaS annual subscription from £120 to £400 based on the number of transactions a user has in their cryptocurrency portfolio. Anyone can use Recap for free to track their portfolio, acting as a future sales pipeline into paying customers as the market expands.
During Q3 2021 we also plan to release Recap Business, where we will charge a SaaS monthly subscription between £60-240 pcm for business to have real-time cryptocurrency accounting integrated with their cloud accounting platform.
Future revenue opportunities include charging accountants for access to the platform, building a B2C marketplace and referring clients to accountants.
Recap is a cryptocurrency portfolio tracking, analytics and tax reporting platform. Recap enables investors to discover their tax position in the cryptocurrency market, by connecting to all of their cryptocurrency exchanges and wallets, where the platform then values all the transactions to local currency and calculates a tax position.
Recap also has plans for a mobile application enabling investors to track their portfolio on the move and a B2B offering, enabling crypto native companies to account for their cryptocurrency activity with automatic accounts reconciliation to Xero and Quickbooks.
Recap enables individuals to calculate any tax they owe on their cryptocurrency trading activity in a matter of seconds. In almost all jurisdictions cryptocurrencies are classed as 'capital assets'. This presents market participants with a lot of friction points; namely having to track all of their transactions, value cryptocurrency transactions in their tax currency and understand capital gains tax legislation to work out what tax they owe.
For a fairly typical user with 2400 transactions it could take 20+ hours (30s per transaction) to attempt this manually in a spreadsheet, which would be highly error prone; even then they would still require support from their accountant.
Recap charges a SaaS annual subscription from £120 to £400 based on the number of transactions a user has in their cryptocurrency portfolio. Anyone can use Recap for free to track their portfolio, acting as a future sales pipeline into paying customers as the market expands.
During Q3 2021 we also plan to release Recap Business, where we will charge a SaaS monthly subscription between £60-240 pcm for business to have real-time cryptocurrency accounting integrated with their cloud accounting platform.
Future revenue opportunities include charging accountants for access to the platform, building a B2C marketplace and referring clients to accountants.