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Countingup raises £2.3m in seed round

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by Startacus Admin

Countingup raises £2.3m in seed funding to offer accounting and banking to small businesses, receiving Countingupthe 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.

CountingupThe 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 Tim Fouracreone 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.”

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Published on: 2nd September 2018

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