UK-based challenger bank, Countingup has raised £4 million (approx €4.5 million) funding led by ING Ventures with co-investment from Triple Point, CVentures, and BiG Start Ventures. The company is planning to use this financing to accelerate banking and accounting for small businesses.
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.”
The London-based firm offers an app that allows small businesses to do their banking, taxes, and bookkeeping. Since its inception, Countingup now boasts more than twenty thousand customers and has processed almost £1 billion in transactions.
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 larger funding round to accelerate growth once normality returns to society and the economy post the COVID-19 pandemic.”
It’s worth mentioning that, 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. Besides, the fintech company has also launched Accountant Hub, a web-based accounting system that helps accountants manage and collaborate with their SME clients.
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.”
Tim Fouracre, who previously founded cloud accounting software Clear Books plc in 2008, wants to simplify the life of sole traders and other small businesses by reinventing the business’s current account. 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.
Fouracre commented on the impact of the coronavirus on small businesses,
“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.”
Main image credits: Countingup
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