Change at top

Molyneux steps down as CEO at software firm FreeAgent

Ed Molyneux

Proud: Ed Molyneux

Ed Molyneux, founder and CEO of Scottish accounting software company FreeAgent, is stepping down.

After a 14-year-long tenure at the helm he is being replaced by co-founder and current chief product officer Roan Lavery.

During Mr Molyneux’s leadership the Edinburgh firm became the first equity crowdfunded UK company to complete an initial public offering. It was subsequently acquired by Royal Bank of Scotland and integrated into its offering to business customers.

Molyneux, a former RAF pilot, said: “I’m incredibly proud of what FreeAgent has achieved since we started in 2007.

“To see the business grow from its humble origins of building the first prototype at my kitchen table to the amazing place that more than 250 people work at now has been a truly humbling experience.

“It’s difficult for any company founder to know when it’s time to move on, but I believe that after 14 years I’ve done everything that I wanted to do as CEO and now is the time for new challenges.

“I believe with Roan taking the helm, this will mark the start of an exciting new chapter for FreeAgent.

“I have no doubt that Roan’s energy, ideas and relentless customer focus will ensure that FreeAgent stays at the forefront of our industry as it grapples with accelerating change, as banking and accounting converge and as software gets smarter and more connected.

“I am genuinely excited to see what he – and the company – does next.”

Mr Lavery will oversee FreeAgent’s mission to build deeper integrations between banking and accounting platforms, as well as helping more small business owners, accountants and bookkeepers comply with the government’s Making Tax Digital (MTD) agenda. 

He said: “We will obviously all really miss Ed at FreeAgent, but the strong foundations he has built here will be fundamental for continuing our success in the future.

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“Thanks to his drive and expertise, we have grown from a fledgling three-person startup to a thriving mainstay of the Scottish tech scene; which provides exciting, genuinely innovative software that makes a real difference to the lives of UK small business owners and their accountants.

“It’s been a privilege to work alongside Ed as a co-founder, trusted colleague and friend for the past 14 years and I look forward to building on his legacy as we take FreeAgent forward in the years ahead.”

Andrew Harrison, head of business banking, NatWest Group added: “I’d like to congratulate Ed on everything he has achieved with FreeAgent in the last 14 years, and wish him the very best for the future. I’d also like to congratulate Roan on today’s appointment.”

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