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.

Other challenger banks in the UK include Monzo, Starling and Atom Bank.

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