Fintech startup raises £600k allowing SMEs to open current accounts on smartphones

A fintech startup, Countingup, has raised nearly £600k in angel funding to offer accounting and business banking to SMEs and small companies.

Founded by Tim Fouracre, Countingup allows such businesses to open a current account on their smartphone in around five minutes. The account comes with a UK sort code and an account number, as well as a contactless Mastercard.

The banking app is also said to do your accounting, submitting VAT returns, generating a profit and loss report and creating invoices.

Tim Fouracre, founder and CEO of Countingup, formerly CEO of ClearBooks plc, commented: “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.”

The funding was led by Frontline Ventures, with a participation from Will Neale of Fonix, Ben Grol of Atomico, Ben Heald of Sift, and Andy Chung of AngelList, as well as other private investors building an accounting bank for one million entrepreneurs.

Tim Fouracre added: “Countingup is a simple solution… 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.”

Countingup’s app is available to download from the App Store or Google Play. The first 100 entrepreneurs to sign up are to receive a free account until 2019.

The company is situated in Huckletree West, White City.

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