Oncount, a Dubai-based accounting technology startup, has secured $1.5 million in seed funding to launch its AI-powered accounting platform. The round was led by tech entrepreneur Sergey Panov and will be used to accelerate product development, execute go-to-market strategies, and onboard the company’s first wave of clients.
Meeting a Growing Market Demand
The UAE’s finance and accounting outsourcing market is expanding rapidly. It generated $663.6 million in revenue in 2024 and is projected to reach nearly $918.6 million in the coming years. This growth reflects increasing demand for digital-first financial management solutions.
SMBs are at the center of this opportunity:
- Represent 90% of all businesses in the UAE and MENA.
- Contribute up to 50% of national GDP.
- In Dubai, account for 42% of the workforce and around 40% of economic value.
At the same time, SMBs face rising financial pressures, including:
- A new 9% corporate tax on profits over AED 375,000.
- 15% increase in accountant salaries, averaging AED 130,400 annually for mid-level roles.
- Penalties up to AED 50,000 for tax non-compliance.
Oncount’s platform is designed to help businesses reduce these burdens through automation and AI-driven accuracy.
Technology-First Accounting
The platform introduces advanced features aimed at simplifying financial workflows:
- AI-powered document processing for invoices, receipts, and contracts.
- Automated bank transaction reconciliation.
- Personalized tax calendars and client-specific task management.
- Accountant-led quality control checks.
Premium capabilities include:
- Voice-activated document creation with accountant verification.
- Same-day transaction processing.
- Guaranteed 20-minute response time for accounting queries.
- Professional liability insurance included in all plans.
These tools ensure both accuracy and speed, setting Oncount apart from conventional accounting services.
Subscription Model
Oncount follows a tiered subscription model, ranging from AED 508 to AED 4,212 per month. Each plan includes:
- Tax registration and filing (CT and VAT).
- Full-service accounting and compliance.
- A dedicated team of professionals, including a senior accountant, bookkeeper, assistant accountant, and tax lawyer.
- Comprehensive financial reporting.
This approach makes Oncount accessible to businesses of all sizes and complexity levels.
Expansion Beyond the UAE
After its UAE launch, Oncount plans to expand across MENA and Central Asia, targeting underserved SMB segments. Potential markets include:
- Saudi Arabia
- Egypt
- Kazakhstan
- Uzbekistan
According to founder Sergey Panov, the mission is clear: “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.”
What does Oncount do?
Oncount is an AI-powered accounting startup based in Dubai, UAE. The company combines automation, expert teams, and smart workflows to deliver faster, more accurate, and cost-effective accounting solutions for small and medium-sized businesses in emerging markets.