Banking app receives £2.3m seed investment to offer SMEs accounting services

Mobile app, Countingup - which enables small businesses to do their banking, bookkeeping and stay on top of their taxes - has received the backing of fintech investors.

The London-based fintech startup has raised a £2.3m seed round led by Forward Partners with participation from Frontline Ventures and JamJar Investments.

The investors are backing the company’s vision to be the financial platform for one million small businesses. Now, Countingup has over 4,000 customers.

Small businesses can open a business current account on their smartphone in minutes. The account comes with a UK sort code, account number and a contactless Mastercard.

Tim Fouracre, the founder and CEO of Countingup, said: “Combining accounting and banking into one single product simplifies running your business. It saves time and takes away the pain and hassle of tax and compliance.”

Business owners can also do their bookkeeping, view a profit and loss report and attach receipts to expenses - all in the app.

The banking and accounting features have been built in the 10-month period since Countingup closed its first funding round last year in October 2017.

Countingup plans to use its investment to ramp up development of its accounting features. Following a successful hiring round, most of the people needed to drive the next stage of growth have been recruited.

Fouacre added: “A team of talented people is key to us achieving our goal to make it really simple to run a business so we’re seeking brilliant full stack developers to join the team.”