Countingup, a business current account with built-in accounting software, has closed a £9.1 million Series A investment round.
The two-in-one app claims to simplify bookkeeping and taxes for the self-employed as well as accountants across the UK.
The funding, led by Framework Venture Partners and joined by Gresham House Ventures, Sage, and existing investors, will be used to drive product innovation, growth and team expansion at the London start-up.
Trusted by over 34,000 customers, the unique app automates the time-consuming aspects of bookkeeping and taxes and encourages good recordkeeping, making it easier to run a small business.
In addition, customers can easily share accurate, real-time bookkeeping data with their accountants – eliminating the pains of re-authorisation requests, data lags, duplicates, and inaccuracies.
“We are delighted to have the backing of experienced investors on our journey to becoming the ultimate financial tool for the self-employed,” said CEO Tim Fouracre.
“This funding round is helping fuel our product roadmap, including the launch of our digital tax filing service, which aims to be a huge help to small businesses as new 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.”
Neal Watkins, EVP, small business segment at Sage, said: “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.”