Countingup, business bank account that “automates”your accounting, has raised ₤ 4 million in self-described bridge financing. Leading the round is ING Ventures, with co-investment from Triple Point, CVentures, and BiG Start Ventures.
Founded by Tim Fouracre, who previously established cloud accounting software Clear Books, and now boasting 20,000 company customers, Countingup’s long term vision is to be the one “financial center” for the 1 million approximately U.K.-based micro companies.
Its initial ‘attack vector’ is to integrate an organisation savings account with accounting functions to help automate the filing of accounts– a significant time sink and pain-point for sole traders and small companies.
Small businesses can open a Countingup business current account on their mobile phone “in under 5 minutes,” that includes normal banking and accounting features. In addition, Countingup just recently introduced its “Accounting professional Hub,” a web-based accounting system that assists accounting professionals team up and manage with their SME customers.
“If you are running a business then accounting is a chore, wastes your time and is boring,” the Countingup up founder told me back in 2017.”Your bank surprises you with concealed costs and you’ve probably despaired in their client service. Countingup is making starting and running a business really simple … We’re doing that by combining accounting and banking into one easy smart device app”.
In addition, Fouracre reckons Countingup’s service will become a lot more pertinent once HMRC’s Making Tax Digital (MTD) initiative starts. In future, the U.K. tax authority will require services to keep digital records and send quarterly tax filings, which is exactly the type of job the fintech has actually been developed to automate.
“The [brand-new] funds will be utilized to accelerate the banking and accounting roadmap to make it even easier and more effective to digitally run a small company,” states Countingup, revealing its bridge round.
Line declaration from Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures: “Countingup is a game-changer for small businesses. This fintech helps in decreasing costs and intricacy by combining accounting and banking into one digitally disruptive service, a new approach that makes it a lot easier to run a small business. We are happy to support Countingup in delivering that vision.”
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.