Countingup

Countingup, a mobile app enabling small businesses to do their bookkeeping and banking, has closed a £2.3m Seed round.

Based in West London, Countingup’s round was led by Forward Partners and drew participation from Frontline Ventures and JamJar Investments.

Customers can open a business current account on their smartphone. The account comes with a UK sort code, account number and a contactless Mastercard.

The money raised will be used to boost development of Countingup’s accounting features.

Tim Fouracre, founder and CEO of Countingup, commented on the raise: “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.A team of talented people is key to us achieving our goal to make it really simple to run a business so we’re seeking brilliant full stack developers to join the team.

“We’re now looking ahead to our Series A as we’re growing at an incredible rate. 1,500 small businesses are joining us every month and this recent funding puts us on a path to be at 10k customers rapidly. More importantly there are a number of ways for us to accelerate this. There are 5.7m milion 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,” Fouracre said.

Today’s news comes after Countingup raised $750,000 (£569,000) in a round led by Frontline Ventures in October last year.

At the time, the startup also drew support from ​Will ​Neale, founder ​of ​Fonix ​& ​Grabyo; ​Ben ​Grol, partner ​at ​Atomico; ​Ben ​Heald, chair of ​Sift, ​Edo, ​eFiling ​and ​Bristol ​Pound; ​Andy ​Chung, AngelList; ​and ​other private ​investors.