Dubai-based accounting technology startup Oncount has secured USD 1.5 million in a seed funding round, led by tech entrepreneur Sergey Panov, to roll out its AI-driven accounting platform for small and medium-sized businesses (SMBs) in the UAE and beyond.
The fresh capital will fuel the development and launch of the platform, support go-to-market efforts, and aid in the onboarding of SMB clients across the UAE.
SMBs make up 90% of businesses in the UAE and contribute nearly half of the country’s GDP. In Dubai alone, they account for 42% of jobs and around 40% of economic output. However, many are now grappling with rising cost pressures, including the newly implemented 9% corporate tax, average accountant salaries of AED 130,400, and tax non-compliance penalties reaching AED 50,000.
Oncount aims to ease these challenges through its AI-powered accounting platform, which automates key financial workflows. Its features include bank reconciliations, AI-driven document processing, personalized tax calendars, and same-day transaction processing. Each subscription comes with access to a dedicated team of accountants and tax experts, along with liability insurance for added security.
Following its UAE launch, Oncount has set its sights on regional expansion into Saudi Arabia, Egypt, Kazakhstan, and Uzbekistan, targeting underserved SMB markets with increasing regulatory requirements.
“SMBs across MENA and Central Asia face mounting pressures: more taxes, higher wages, and growing compliance risks. We see a tremendous opportunity to bring our tech-first model to these markets and give business owners the peace of mind to focus on growth,” said Sergey Panov, Founder of Oncount.
