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Countingup raises £2.3m in seed funding

Theo Osborn | 13:15 Monday 3rd September 2018

Countingup has raised a £2.3m seed round as it looks to reach one million customers.

The funding round was led by Forward Partners, with participation from Frontline Ventures and JamJar Investments.

The London-based fintech start-up – which currently has more than 4,000 customers – allows small businesses to carry out banking, bookkeeping and taxation processes from its app.

It plans to use the funding to ramp up the development of its accounting features.

Tim Fouracre, founder and CEO at Countingup (pictured above), 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.

“One thousand five hundred small businesses are joining us every month and this recent funding puts us on a path to be at 10,000 customers rapidly.

“There are 5.7 million businesses in the UK that need a solution like Countingup, particularly as HMRC plans to require the digitalisation of small business record keeping with its Making Tax Digital initiative.”

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