Automated accounting app Countingup, has received £4m in backing from FinTech investors.
The London-based startup raised the funds in a bridge round of financing led by ING Ventures with co-investment from Triple Point, CVentures and BiG Start Ventures.
In the two years since Countingup launched, it now has than twenty thousand customers and has processed almost £1bn in transactions.
The firm, which now aims to have 1 million SMEs on its platform recently launched its Accountant Hub, a web-based accounting system that helps accountants manage and collaborate with their SME clients.
Founder and CEO, Tim Fouracre, said: “Countingup is a more automated and accurate alternative to traditional digital bookkeeping software or a shoebox of invoices and receipts.
“It’s ideal for sole trader clients and solves several customer pain points in one seamless solution.”
The firm said the new funds will be used to accelerate the firm’s banking and accounting roadmap.
“Following this bridge investment we will seek to do a larger funding round to accelerate growth once normality returns to society and the economy post the COVID-19 pandemic,” added Fouracre.
Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures added: “Countingup is a game-changer for small businesses. This fintech helps in reducing costs and complexity by combining accounting and banking into one digitally disruptive solution, a new approach that makes it so much easier to run a small business. We are proud to support Countingup in delivering that vision.”
Countingup’s CCO Andrew Garvey appeared on BusinessCloud’s Demystifying Tech podcast to talk about the technology last year.