Countingup, the enterprise present account that “automates” your accounting, has raised £four million in self-described bridge funding. Leading the spherical is ING Ventures, with co-investment from Triple Point, CVentures, and BiG Start Ventures.
Founded by Tim Fouracre, who beforehand based cloud accounting software program Clear Books, and now boasting 20,000 enterprise prospects, Countingup’s long run imaginative and prescient is to be the one “monetary hub” for the 1 million or so U.Okay.-based micro companies.
Its preliminary ‘assault vector’ is to mix a enterprise checking account with bookkeeping options to assist automate the submitting of accounts — a serious time sink and pain-point for sole merchants and small companies.
Small companies can open a Countingup enterprise present account on their smartphone “in beneath 5 minutes,” which incorporates typical banking and accounting options. In addition, Countingup not too long ago launched its “Accountant Hub,” a web-based accounting system that helps accountants handle and collaborate with their SME shoppers.
“If you’re operating a enterprise then bookkeeping is a chore, wastes your time and is boring,” the Countingup up founder advised me again in 2017. “Your financial institution surprises you with hidden charges and also you’ve most likely misplaced religion of their customer support. Countingup is making beginning and operating a enterprise actually easy… We’re doing that by combining accounting and banking into one easy smartphone app”.
In addition, Fouracre reckons Countingup’s answer will develop into much more related as soon as HMRC’s Making Tax Digital (MTD) initiative kicks in. In future, the U.Okay. tax authority would require companies to maintain digital information and submit quarterly tax filings, which is precisely the kind of activity the fintech has been designed to automate.
“The [new] funds can be used to speed up the banking and accounting roadmap to make it even simpler and extra environment friendly to digitally run a small enterprise,” says Countingup, asserting its bridge spherical.
Queue assertion from Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures: “Countingup is a game-changer for small companies. This fintech helps in decreasing prices and complexity by combining accounting and banking into one digitally disruptive answer, a brand new strategy that makes it a lot simpler to run a small enterprise. We are proud to assist Countingup in delivering that imaginative and prescient.”
Countingup, the enterprise checking account that mixes bookkeeping, raises £2.3M seed