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.”
-
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...