INSUBCONTINENT EXCLUSIVE:
fintech that provides a business bank account that combines bookkeeping, has raised £2.3 million in seed funding
Leading the round is Forward Partners, with participation from previous backer Frontline Ventures, and JamJar Investments.Founded last year
by Tim Fouracre, who previously founded cloud accounting software Clear Books, Countingup wants to simplify the life of sole traders and
other small businesses by reinventing the business current account
Fouracre vision is that for small enterprises, business banking and accounting software should be merged so that bookkeeping and filing
accounts can be a lot more automated.&If you are running a business then bookkeeping is a chore, wastes your time and is boring,& the
Countingup up founder told me last year
&Your bank surprises you with hidden fees and you&ve probably lost faith in their customer service
Countingup is making starting and running a business really simple… We&re doing that by combining accounting and banking into one simple
smartphone app&.After downloading the ​Countingup for iOS or Andriod, ​you are able to ​open ​a ​current
​account ​on your ​smartphone ​in ​a claimed ​5 ​minutes
​The account comes with ​a ​U.K
​sort ​code/account ​number ​and ​a ​contactless ​Mastercard
The accounting functionality currently includes a profit and loss report, bookkeeping categorisation and the ability to attach receipts to
transactions.However, the big feature that will be launched later this year is invoicing, while things like &automated receipt scanning,&
and tax calculations and filing are also in the 2018 roadmap.Fouracre says Countingup wants to be the financial platform for 1 million U.K
It already has four thousand customers and I&m told is signing up new users at a rate of 1,500 businesses per month.
