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.
WarDucks raises €3.3m led by EQT Ventures to launch location-based augmented reality mobile game and to expand the company’s development team.
Leading UK water and wastewater company United Utilities has launched its second accelerator programme to help innovative businesses grow and develop their solutions through a collaborative approach.
Entries are now open for upSTART, Northern Ireland’s most exciting startup pitch competition which features an all-expenses paid trip to explore the New York tech scene for the winner.
What are the main types of financing and investing options that are available to an early-stage Northern Ireland startup?
Here are some tips, courtesy of accountancy experts Howlader&Co, on how to generate substantial profits by maximising productivity in your startup.
The Manchester based startup that is on a mission to transform the energy system...
.png)
Developing Experts empower teachers and parents to teach science with confidence and ease, with an ever-growing library of interactive, online science lessons.
Startups focused on Connected Digital Mobility, including connected vehicles, autonomous travel, smart cities, future transport services, take note!
The online marketplace where you can buy goods directly from independent retailers all in one place.
Published on: 2nd September 2018
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- United Utilities launches Innovation Lab 2.0 21st Mar 2019 Leading UK water and wastewater company United Utilities has launched its second accelerator programme to help innovative businesses grow and develop their solutions through a collaborative approach.
- Northern Ireland startups sought for upSTART 2019 21st Mar 2019 Entries are now open for upSTART, Northern Ireland’s most exciting startup pitch competition which features an all-expenses paid trip to explore the New York tech scene for the winner.
- IlluminationLAB to power energy focused startup innovation 5th Mar 2019 American Electric Power (AEP) has launched IlluminationLAB which will include a bootcamp, energy summit & 10-week proof of concept program to co-create innovative energy products and services.
- Startup World cup returns to Belfast for 2019 27th Feb 2019 The Startup World cup returns to Belfast for 2019 with the NI regionals held on 25 March and once again delivered by Belfast Global Shapers.
