UAE-based accounting technology startup Oncount has successfully raised $1.5 million in a seed funding round, led by tech entrepreneur Sergey Panov.
The fresh capital will accelerate the development and launch of Oncount’s AI-powered accounting platform, designed specifically for small and medium-sized businesses (SMBs) in the UAE and the wider MENA region. It will also support the company’s go-to-market strategy and the onboarding of its first clients.
SMBs represent 90% of businesses in the UAE, contributing nearly half of the national GDP. In Dubai alone, they account for 42% of employment and 40% of economic value. However, SMBs are now under pressure from a new 9% corporate tax, rising accountant salaries averaging $35,500 annually, and tax non-compliance penalties reaching $13,600.
AI-Driven Platform: Oncount’s solution streamlines accounting workflows through automation and artificial intelligence. Key features include automated bookkeeping, tax filing, financial reporting, AI-powered document processing, automated bank reconciliations, personalized tax calendars, and same-day transaction processing. Subscriptions also come with a dedicated team of accountants and tax experts, plus liability insurance coverage.
Following its UAE launch, Oncount is preparing for regional expansion into Saudi Arabia, Egypt, Kazakhstan, and Uzbekistan, targeting underserved SMB markets with complex compliance challenges.
Sergey Panov, Founder of Oncount, said:
“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.”
