Countingup, a London-based digital bank and bookkeeping software for small businesses, has raised £4 million in bridge funding, led by ING Ventures with co-investment from Triple Point, CVentures and BiG Start Ventures. Founder and CEO Tim Fouracre is a chartered accountant who spent nearly a decade building cloud accounting software at Clear Books. Seeing how inefficient existing systems were for small business owners, he sought to build an app that combines and automates banking and accounting.
Two years after launch, the Countingup app has over twenty thousand users and a couple “Best Of” titles from British Bank Awards and Accounting Excellence. Small businesses can open a business current account on their smartphone, accessing both banking and accounting features. At the same time, accountants can use the recently launched Accountant Hub to work with their SME clients. In a press release, the fintech startup says its vision is to be “the one financial hub for 1 million small businesses”. Fouracre added that new investors such as ING will open up opportunities for international expansion, which the UK company hopes to pursue in the next few years. Before that, though, the plan is to raise a larger funding round “once normality returns to society and the economy post the COVID-19 pandemic”.