Countingup raises £4m to accelerate accounting for small businesses
Countingup, the business current account that provides automated accounting, has received the backing of leading fintech investors in the form of a £4milllion cash injection.
The London-based startup raised the money in a bridge round of financing led by ING Ventures with co-investment from Triple Point, CVentures and BiG Start Ventures
In the two years since Countingup launched, it now boasts more than twenty thousand customers and has processed almost £1bn in transactions.
Tim Fouracre, Founder and CEO, said: “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.”
Countingup’s solution becomes even more relevant in the digital world with HMRC’s Making Tax Digital (MTD) initiative. In the future, MTD will require businesses to keep digital records and submit quarterly tax filings.
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.
Fouracre added: “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.”
“With government instructions to stay at home, the country is turning to digital solutions for everything from entertainment to shopping. If you want to start a business and open a bank account, you can’t go to your local branch right now. With digital offerings like Countingup you don’t need to.”
Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures said: “Countingup is a game-changer for small businesses. This fintech helps in reducing costs and complexity by combining accounting and banking into one digitally disruptive solution, a new approach that makes it so much easier to run a small business. We are proud to support Countingup in delivering that vision.”