The French company Georges – known as Georges.tech – is securing a new investment totaling $42.4 million (equivalent to €35 million). Alongside this funding, the company is undergoing a rebranding and will now operate under the name Indy. The business has been developing an automated accounting solution tailored for independent contractors and small businesses.

This latest funding round is being spearheaded by Singular. While Singular may be a newer name, their involvement is logical given their investment focus. The firm was founded by former Alven partners Jeremy Uzan and Raffi Kamber, who have transitioned to managing their own fund. Uzan had previously invested in the company when associated with Alven and is continuing that support through Singular.

Current investors Alven and Kerala are also participating in this funding cycle. To date, Indy has successfully acquired 40,000 customers who utilize the service through a recurring monthly subscription.

Indy initially focused on a product designed for self-employed professionals, including those in fields like medicine, architecture, and law. It offers a potential alternative to traditional accounting services. The system connects directly to a user’s bank account, importing transaction data and automatically categorizing expenses.

Users retain the ability to supplement the data with any missing information, as well as attach receipts and invoices to corresponding transactions. This process allows users to accurately determine their Value Added Tax (VAT) refund amount at year-end.

Indy then automates the completion of necessary official forms using the collected data. Users can then download these tax documents or submit them directly through the platform.

The platform also provides a comprehensive overview of a user’s business performance, displaying total revenue, tracking expenditures, and calculating annual earnings after accounting for personal expenses and owner compensation.

Over time, Indy has broadened its services to accommodate a wider range of business structures. Beyond freelancers, the platform now supports EURL, SARL, SAS, and SASU entities. The startup experienced a threefold increase in revenue during 2020.

The company intends to further enhance its product to serve an even larger segment of the self-employed market, specifically those operating under the BIC status in France. Indy is planning to expand its team by adding 100 employees in Lyon during 2021.

Indy is also considering broader expansion, with the United States identified as a potential new market. The substantial number of self-employed individuals in the U.S. presents a significant opportunity for growth.