Challenger bank with integrated accounting service goes from beta to launch
by Startacus Admin
Challenger bank, Countingup, a UK business current account with integrated accounting and tax 
software, goes from from beta to official launch.
Challenger Bank Countingup offers accounting and banking in one place for sole traders, freelancers and small businesses. Created in September 2017 by Tim Fouracre, Countingup is VC backed startup who have worked with more than 1,000 small businesses during the beta phase to help provide feedback and to helping shape the product and its future roadmap.
Via Countingup Sole traders, freelancers and small limited companies can get an account, which automatically does the bookkeeping. Additional accounting and tax features will be rolled out over the coming months. Businesses can get started with a current account for free while the combined business current account and accounting product will be available to the self-employed for £9.95 per month.
Chartered Accountant Tim Fouracre, who previously founded cloud accounting software company Clear Books plc and was their CEO for nine years, said:
“An accounting system reveals what’s going on behind bank transactions - but small business owners only tend to 
see this analysis when they find time to do the books. This can be months later, or at the end of the tax year in a mad rush before the self-assessment deadline. Many opportunities to gain valuable and actionable insight in real time are lost. This could be the difference between success and failure for a small business.”
A Countingup current account can be opened on a smartphone in five minutes, with just a photo and passport or driving licence. The account comes free with a UK account number and sort code and contactless Countingup Mastercard. Customers who choose to use the banking service without the accounting features can do so for free if monthly deposits are below £750, with a small charge of £2.95 per month if they are above.
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Published on: 9th April 2018
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