Countingup, a banking and accountancy app targeting SMEs, has raised $750,000 (£569,000) in a round led by Frontline Ventures.
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.
Countingup seeks to allow small businesses to open a current account using a smartphone. Customers will also be able to do their accounting using the app.
Tim Fouracre, the founder and CEO of Countingup, said: “Combining accounting and banking into one single product is going to simplify running your business. It will save stress and give back time to entrepreneurs that could be better spent on their business. Sole traders and freelancers can do their day to day banking and not have to worry about the book-keeping, which will be automated.”
Fouracre founded Clear Books in 2008, an online accounting software that includes bookkeeping and invoicing features for small businesses, which has raised £1.4m to date.
“Countingup is a simple solution that will solve a big MTD headache that is on the horizon. Accounting and banking have become more integrated in recent years. Think of us as Revolut and Xero in one single product. This will help drive productivity for the 4.2m businesses in the UK who have one employee or less,” concluded the founder.
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