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Businness fintech Countingup banks £9.1M to assist SMEs thrive across the UK

Countingup

Based out of London, Countingup has now secured a £9.1 million funding in Series A investment round, led by Framework Venture Partners and joined by Gresham House Ventures, Sage, and existing investors. 

In the past, bookkeeping and accounting software were complex and cumbersome, more suitable for large enterprises. But now, there is a variety of accounting software and tools to choose from. 

One of them making a difference is UK-based Countingup is a unique two-in-one app that simplifies bookkeeping and taxes. The company is on a mission to make it easier to run a small business.

Countingup’s recent funding will help accelerate their product innovation.  Tim Fouracre, CEO of Countingup, informedUKTN, “The investment will drive Countingup’s product innovation, growth and team expansion, building a best in class solution for small businesses owners to have access to accurate, real-time and automated data all in one financial tool.”

This round comes several months after securing £4 million in a bridge round of financing led by ING Ventures with co-investment from Triple Point, CVentures, and BiG Start Ventures.

Fouracre also adds, “We are delighted to have the backing of experienced investors on our journey to becoming the ultimate financial tool for the self-employed.”

Countingup: born out of frustration

Tim Fouracre saw small businesses losing so much time with inefficient banking and accounting systems, while he was building cloud accounting software Clear Books plc. 

He then dreamed of creating an all-in-one app that would help entrepreneurs simplify their accounting and taxes – making it easier to run their business. Thus the Countingup was born.

Fouracre, says “We are making it easier to run a small business with a business current account and tax app in one. Our focus is to ensure small businesses can easily get paid to manage their cash flow, know they are tax compliant avoiding stress, and enabling small businesses to be organised so they can concentrate on what they do best running their business.”

How does it work?

The UK fintech company automates the time-consuming aspects of bookkeeping and taxes and encourages good recordkeeping, making it easier to run a small business. 

By creating one central location for their financial data, small business owners can easily keep an accurate record of receipts, invoices, statements, and bills. 

With automatic expense categorisation, invoice matching, and digital tax filings coming soon, Countingup aims to be the all-in-one financial tool for self-employed people.

Talking about the target market, Fouracre, says “There are 8.6 million SMEs in the UK and we are unique in that we have simplified complex accounting technology in one single platform.” 

Countingup

Digital tax filing service launch

The British company will be also using a part of the funding to double the team by the end of this year. “We are currently 29 in the team and are actively hiring – focusing on growing our product and developer teams,” adds Fouracre.

With an accelerated financial services roadmap, Countingup aims to further help small business owners save time, money and confidently manage their business admin – giving them valuable time back to focus on what they love and do best. 

About the future plans, Fouracre says, “We plan to, launch our digital tax filing service aligned to helping small businesses get ready for Making Tax Digital regulations come into effect from April 2022.”

Peter Misek, Founding Partner of Framework Venture Partners, said “Countingup is the one fintech out of the hundreds Framework has met that truly removes massive friction faced by entrepreneurs every day. Entrepreneurs wake up every day doing what they love and Countingup helps them do just that. No entrepreneur ever says “Can’t wait to do my bookkeeping! Can’t wait to do my taxes!” By using Countingup, all the drudgery of a small business vanishes. We believe Countingup can free the United Kingdom’s small business from this one inevitable fact of life and bring a little happiness back. After the year we’ve all had small businesses deserve Countingup!”

Further, Henry Alty, Investment Director at Gresham House Ventures adds: “Countingup has built a fantastically simple way of allowing small businesses to automatically handle their admin, and is led by Tim who has over a decade’s experience in doing just that. This fits perfectly with Gresham House’s focus on the automation of financial services for traditionally under-served SMEs and delivers real social benefits by encouraging the growth of small businesses. We look forward to supporting Countingup as it continues to scale.”

Neal Watkins, EVP, Small Business Segment at Sage concludes: “Investing in high growth SaaS businesses is core to our strategy to enable small businesses and accountants to survive and thrive. This is an exciting opportunity to be part of the start-up journey in a new way as businesses explore the benefits of bringing accounting and financial services together. We are excited to partner with and support Countingup’s deeply experienced senior leadership team.”