Countingup raises £2.3m in seed round
by Startacus Admin
Countingup raises £2.3m in seed funding to offer accounting and banking to small businesses, receiving 
the backing of leading fintech investors, led by Forward Partners with participation from Frontline Ventures and JamJar Investments.
Founded by Tim Fouracre, formerly CEO of Clear Books Plc, Countingup, a revolutionary mobile app, allows small businesses to do their banking, bookkeeping and stay on top of their taxes.
The London-based fintech startup has raised a £2.3m seed round led by Forward Partners with participation from Frontline Ventures and JamJar Investments. The investors are backing the company’s vision to be the financial platform for 1m small businesses. Today, Countingup boasts more than four thousand customers.
Small businesses can open a business current account on their smartphone in just 5 minutes. The account comes with a UK sort code & account number and a contactless Mastercard. Business owners can also do their bookkeeping, view a profit and loss report and attach receipts to expenses - all in one simple app.
The banking and accounting features have been built in the ten month period since Countingup closed its first funding round last year in October 2017. Countingup plans to use its investment to ramp up development of its accounting features.
Tim Fouracre, the founder and CEO of Countingup, commented, “Combining accounting and banking into -min.png "Tim Fouracre")
one single product simplifies running your business. It saves time and takes away the pain and hassle of tax and compliance.”
Following a successful hiring round, most of the people needed to drive the next stage of growth have been recruited. “A team of talented people is key to us achieving our goal to make it really simple to run a business so we’re seeking brilliant full stack developers to join the team,” says Fouracre.
Commenting on the latest investment Fouracre added, “We’re now looking ahead to our Series A as we’re growing at an incredible rate. 1,500 small businesses are joining us every month and this recent funding puts us on a path to be at 10k customers rapidly. More importantly there are a number of ways for us to accelerate this. There are 5.7m milion businesses in the UK that need a solution like Countingup, particularly as HMRC plans to require the digitalisation of small business record keeping with its Making Tax Digital initiative.”
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
Small Robot Company, a British agritech robotics startup for sustainable farming, has raised £1.2 million via equity crowdfunding.
Cycle.land, the bike sharing marketplace unlocking the assets of unused bikes, raises over £200k thanks to their successful 2nd equity crowdfunding campaign on Seedrs.
IgniteNI looks to build on legacy with 2nd accelerator programme and San Fran base for 5 selected founders. Applications close asap so be quick to apply.
The startup that's creating technologies to measure and demonstrate sustainability in the food chain.
The lowdown on the London based barbershop and app that will come to you...
UrbanVolt - The Lighting as a Service startup that is on a mission to radically reduce global energy consumption...
From understanding what counts as intellectual property, to what to do if you think IP theft has occurred, we chatted to Andrew Kirke, Director at commercial law firm Tughans to find out more.
The startup that has created the world’s first video-only review and booking platform...
Nottingham based early-stage startups and entrepreneurs take note - here's the lowdown on key startup support and help available where you are...
New app friendrequest aims to connect people, taking 'social' offline and to lead the way in facilitating real-life friendship.
Published on: 2nd September 2018
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Cycle.land raises £200k to continue their bike sharing journey 16th Jan 2019 Cycle.land, the bike sharing marketplace unlocking the assets of unused bikes, raises over £200k thanks to their successful 2nd equity crowdfunding campaign on Seedrs.
- IgniteNI Accelerator to offer startups San Francisco landing pad 14th Dec 2018 Ignite Accelerator is putting investment-ready tech companies on a global stage thanks to their new San Francisco 'landing pad'.
- Falmouth University Launchpad incubates tech legacy 7th Dec 2018 Developed by Falmouth University in Cornwall, Launchpad is an innovative, post-grad incubation and acceleration programme. We take a look at some of the previous Launchpad alumni.
- Ignite Accelerator 2019 opens for North East England startups 16th Nov 2018 North East of England entrepreneurs and startups take note! The Ignite accelerator, a 6 month remote accelerator for MVP stage founders or teams is back.
