Countingup closes £9.1 million Series A investment
by Startacus Admin
Major investment for London-based Countingup to support its product innovation and ambition to help small businesses thrive across the UK
Fantastic news from Countingup, the business current account with built-in accounting software, which has just announced the close of a £9.1 million Series A investment round, led by Framework Venture Partners and joined by Gresham House Ventures, Sage, and existing investors. The funding will be used to drive product innovation, growth and team expansion.
The innovative fintech company has previously raised investment to accelerate its banking and accounting roadmap and this latest raise will help to further bolster its business growth plans.
Countingup offers a business current account with built-in accounting software and its two-in-one app simplifies bookkeeping and taxes for the self-employed as well as accountants across the UK.
Its app automates the time-consuming aspects of bookkeeping and taxes and encourages good recordkeeping, making it easier to run a small business. In addition, customers can easily share accurate, real-time bookkeeping data with their accountants – eliminating the pains of re-authorisation requests, data lags, duplicates, and inaccuracies.
Tim Fouracre, CEO and Founder of Countingup, said: “We are delighted to have the backing of experienced investors on our journey to becoming the ultimate financial tool for the self-employed”, adding that “This funding round is helping fuel our product roadmap, including the launch of our digital tax filing service, which aims to be a huge help to small businesses as new Making Tax Digital regulations come into effect from April 2022.”
Peter Misek, Founding Partner of Framework Venture Partners, said “Countingup is the one fintech out of the hundreds Framework has met that truly removes massive friction faced by entrepreneurs everyday. Entrepreneurs wake up everyday doing what they love and Countingup helps them do just that. No entrepreneur ever says “Can’t wait to do my bookkeeping! Can’t wait to do my taxes!” By using Countingup, all the drudgery of a small business vanishes. We believe Countingup can free the UK’s small business from this one inevitable fact of life and bring a little happiness back. After the year we’ve all had small businesses deserve Countingup!”
It's certainly an interesting time to be in fintech with everything from early stage startups receiving funding to support growth through to startups closing Series B rounds and availing of crowdfunding support.
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Published on: 3rd March 2021
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