Countingup has opened over 1,000 business current accounts in just two months.
The challenger bank – which launched in April 2018 – has gone from 500 accounts to 1,000 in just three weeks.
Tim Fouracre, founder and CEO at Countingup (pictured above), said that its customers loved the bank.
“The early growth we’ve seen is down to amazing word-of-mouth referrals.
“The IT fiasco at TSB has also gifted TSB’s competitors with an opportunity, as I’m sure it’s not just us benefiting from business owners fed up with TSB’s reliability issues.”
Tim is a chartered accountant, and founder and former CEO of cloud accounting company Clear Books.
He created Countingup when he saw the pain small business owners faced in trying to get two separate systems – accounting and banking – working together seamlessly.
He continued: “The bank account is the ‘what’ of your business, ie the actual transactions, the real flow of money.
“The accounting is the ‘why’, ie the interpretation of those bank transactions for tax and compliance.
“Most businesses only find out the ‘why’ months after the bank transactions actually happen when they manually do the books.
“Many self-employed sole traders leave it right until the end of the tax year and then they’re suddenly under pressure to get their tax return done.
“At Countingup, we’re bringing the ‘what’ and the ‘why’ together to make it easy to run your business.”
-
Temenos partners with ClearBank for cloud payments
Banking software company Temenos has formed a strategic relationship with ClearBank to provide banks with a faster route to market for real-time cloud payments...
-
Unity Trust Bank registers 34% rise in profits
Unity Trust Bank increased profits by 34% in 2019...
-
Believe the hype – why explainable AI is a trend that’s here to stay
Technology has become a ubiquitous part of our day-to-day lives...
-
Piloting tech updates: ‘The bigger the bank, the harder it is to get anything done’
In the latest Medianett filmed roundtable session, we discussed how important technology is in the banking space, and what impact the industry expects it to have on its businesses in the future...
-
What banks need to know about cloud security
One of the most common perceived concerns when adopting the cloud is the issue of security...
-
OakNorth sees 95% increase in pre-tax profits
OakNorth Bank has announced a 95% rise in pre-tax profits in 2019 to £65.9m, up from the £33.9m recorded in 2018...
-
Redwood Bank signs up to Women in Finance Charter
Redwood Bank has announced that it has signed up to the Women in Finance (WIF) Charter...
-
Masthaven launches digital Women in Leadership programme
Masthaven Bank has launched a new Women in Leadership digital development programme for female senior leaders...
-
Protecting against supply chain disruption and the domino effect
Disappointingly, many UK SME business owners don’t understand their supply chains...
-
Confused about which Isa to choose? Hopefully this mini-guide will help…
We are now firmly in Isa season, so you’re likely to read multiple articles about the most competitive Isa products in the market and how best to make the most of your Isa allowance before the end of the tax year...
-
Garden shed entrepreneurs contribute £16.6bn to the UK economy
Entrepreneurs who run their businesses from garden sheds contribute £16.6bn annually to the UK economy, according to a recent study...