Countingup raises £4m to accelerate banking and accounting roadmap
by Startacus Admin
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Countingup, the business current account that automates your accounting, has received the backing of leading fintech investors.
The London-based startup has raised £4m in a bridge round of financing led by ING Ventures with co-investment from Triple Point, CVentures and BiG Start Ventures. All are backing the company’s vision to be the one financial hub for 1m small businesses. In the two years since Countingup launched, it now boasts more than twenty thousand customers and has processed almost £1bn in transactions.
Small businesses can open a Countingup business current account on their smartphone in under 5 minutes and the account comes with both banking and accounting features. On top of that, Countingup has recently launched its Accountant Hub, a web-based accounting system that helps accountants manage and
collaborate with their SME clients.
Countingup started in September 2017 by CEO, Tim Fouracre, Countingup is a VC backed startup aiming to build the one financial hub for 1m small businesses.
Founder and CEO, Tim Fouracre, commented, “Countingup is a more automated and accurate alternative to traditional digital bookkeeping software or a shoebox of invoices and receipts. It’s ideal for sole trader clients and solves several customer pain points in one seamless solution.”
The funds will be used to accelerate the banking and accounting roadmap to make it even easier and more efficient to digitally run a small business.
Founded by Tim Fouracre, formerly CEO of Clear Books Plc, Fouracre commented on the investment, “We’re thrilled to have ING Ventures on board. ING is a leading pan-European bank that has the reach to open up opportunities for Countingup as we look to expand internationally in the coming years.
Following this bridge investment we will seek to do a larger funding round to accelerate growth once normality returns to society and the economy post the COVID-19 pandemic.”
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Published on: 6th May 2020
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