Skip to content

FinTech startup Countingup gets $750,000 in round led by Frontline Ventures

Countingup, a banking and accountancy app targeting SMEs, has raised $750,000 (£569,000) in a round led by Frontline Ventures.

The startup also drew support from ​Will ​Neale, founder ​of ​Fonix ​& ​Grabyo; ​Ben ​Grol, partner ​at ​Atomico; ​Ben ​Heald, chair of ​Sift, ​Edo, ​eFiling ​and ​Bristol ​Pound; ​Andy ​Chung, AngelList; ​and ​other private ​investors.

Countingup seeks to allow small businesses to open a current account using a smartphone. Customers will also be able to do their accounting using the app.

Tim ​Fouracre, ​the ​founder ​and ​CEO ​of ​Countingup, said: ​“Combining accounting ​and ​banking ​into ​one ​single ​product ​is ​going ​to ​simplify ​running your ​business. ​It ​will ​save ​stress ​and ​give ​back ​time ​to ​entrepreneurs ​that could ​be ​better ​spent ​on ​their ​business. ​Sole ​traders ​and ​freelancers ​can ​do their ​day ​to ​day ​banking ​and ​not ​have ​to ​worry ​about ​the ​book-keeping, which ​will ​be ​automated.”

Fouracre founded Clear Books in 2008, an online accounting software that includes bookkeeping and invoicing features for small businesses, which has raised £1.4m to date.

​“Countingup ​is ​a ​simple ​solution ​that ​will ​solve ​a ​big MTD ​headache ​that ​is ​on ​the ​horizon. ​Accounting ​and ​banking ​have ​become more ​integrated ​in ​recent ​years. ​Think ​of ​us ​as ​Revolut ​and ​Xero ​in ​one ​single product. ​This ​will ​help ​drive ​productivity ​for ​the ​4.2m ​businesses ​in ​the ​UK who ​have ​one ​employee ​or ​less,” concluded the founder.

Other challenger banks in the UK include Monzo, Starling and Atom Bank.

Check out our UK tech investment tracker for all the industry deals.

Topics

Register for Free

Get daily updates and enjoy an ad-reduced experience.

Already have an account? Log in