Countingup provides a business current account combined with automated bookkeeping and accounting tools aimed at micro and small businesses. Its product includes a bank account with its own sort code and account number, a Mastercard, faster payments, direct debits, automated bookkeeping, invoicing, receipts capture, bill payments, tax estimates and profit-and-loss reporting. Accountants can be granted limited web access to view clients' real-time bookkeeping data. The company says it serves over 34,000 business customers and combines SaaS subscription revenue with fintech income such as interchange on card spend. Countingup’s long-term vision is to be the single financial hub for micro businesses in the U.K. and beyond; planned product work includes tax filing, new financial services (loans, card payment services), multi-currency invoicing and payments and a web version of the app. The startup is scaling its team from 30 to 80 people to accelerate its roadmap and build out sales and marketing for growth. Countingup operates a business current account that combines banking with bookkeeping to automate accounting for sole traders and small businesses. Users can open a Countingup business current account on their smartphone in under five minutes and access typical banking and accounting features. The company recently launched an Accountant Hub, a web-based system for accountants to manage and collaborate with SME clients. Countingup was founded by Tim Fouracre, who previously founded cloud accounting software Clear Books, and now serves about 20,000 business customers. It aims to become the financial hub for roughly 1 million UK micro-businesses and sees HMRC’s Making Tax Digital as increasing demand for its product. Countingup recently raised a £4 million bridge round to accelerate its banking and accounting roadmap. Countingup provides a business current account that merges banking and bookkeeping into a single smartphone app. Users can open an account via the iOS or Android app in a claimed five minutes and receive a U.K. sort code/account number and a contactless Mastercard. The app currently includes profit and loss reporting, bookkeeping categorisation and the ability to attach receipts to transactions. Invoicing is slated to launch later this year, and the 2018 roadmap lists automated receipt scanning plus tax calculations and filing. Founded last year by Tim Fouracre, Countingup aims to be the financial platform for 1 million U.K. small businesses and already has about 4,000 customers. The company is signing up roughly 1,500 businesses per month. Countingup is building a smartphone app that combines a business bank account with automated bookkeeping and accounting tools targeted at sole traders. Users can open a UK current account in about five minutes and receive a UK sort code/account number plus a contactless Mastercard. The app will automate reconciliation of expenses, submit VAT returns, generate profit-and-loss reports and create invoices. The company aims to simplify bookkeeping for the UK’s roughly 4.2 million sole traders. Countingup plans to launch its banking account in the U.K. later this year, with the integrated accounting functionality following early next year. The startup was founded by Tim Fouracre, the founder of Clear Books, and has raised initial capital to fund the product rollout.

Total raised

$21M

Funding rounds

4

Latest round

Series A

Latest activity

Mar 2021