Today British company Countingup, the business current account with built-in accounting software, today announced the close of an approx. €10.5 million Series A investment round, led by Framework Venture Partners and joined by Gresham House Ventures, Sage, and existing investors. The funding will be used to drive product innovation, growth and team expansion.
Countingup (founded in 2017) offers a business current account with built-in accounting software. The two-in-one app simplifies bookkeeping and taxes for the self-employed as well as accountants across the UK.
Trusted by over 34,000 customers, the unique app automates the time-consuming aspects of bookkeeping and taxes and encourages good recordkeeping, making it easier to run a small business. In addition, customers can easily share accurate, real-time bookkeeping data with their accountants – eliminating the pains of re-authorisation requests, data lags, duplicates, and inaccuracies.
Tim Fouracre, CEO and founder of Countingup, said: “We are delighted to have the backing of experienced investors on our journey to becoming the ultimate financial tool for the self-employed”, adding that “This funding round is helping fuel our product roadmap, including the launch of our digital tax filing service, which aims to be a huge help to small businesses as new Making Tax Digital regulations come into effect from April 2022.”
Peter Misek, Founding Partner of Framework Venture Partners, said “Countingup is the one fintech out of the hundreds Framework has met that truly removes massive friction faced by entrepreneurs everyday. Entrepreneurs wake up everyday doing what they love and Countingup helps them do just that. No entrepreneur ever says “Can’t wait to do my bookkeeping! Can’t wait to do my taxes!” By using Countingup, all the drudgery of a small business vanishes. We believe Countingup can free the United Kingdom’s small business from this one inevitable fact of life and bring a little happiness back. After the year we’ve all had small businesses deserve Countingup!”
Henry Alty, Investment Director at Gresham House Ventures, said: “Countingup has built a fantastically simple way of allowing small businesses to automatically handle their admin, and is led by Tim who has over a decade’s experience in doing just that. This fits perfectly with Gresham House’s focus on the automation of financial services for traditionally under-served SMEs, and delivers real social benefits by encouraging the growth of small businesses. We look forward to supporting Countingup as it continues to scale.”
Neal Watkins, EVP, Small Business Segment at Sage, said: “Investing in high growth SaaS businesses is core to our strategy to enable small businesses and accountants to survive and thrive. This is an exciting opportunity to be part of the start-up journey in a new way as businesses explore the benefits of bringing accounting and financial services together. We are excited to partner with and support Countingup’s deeply experienced senior leadership team.”
The investment will drive Countingup’s product innovation. With an accelerated financial services roadmap, the team is excited to further help small business owners save time, money and confidently manage their business admin – giving them valuable time back to focus on what they love and do best.