Posted on September 4, 2018 by staff

Banking app eyes next funding round after raising £2.3m


London-based business banking start-up Countingup has secured a £2.3 million investment and is now looking ahead to its Series A funding round.

Countingup is behind a smartphone app which combines business banking and accounting into a single product.

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

The seed funding round was led by Forward Partners, with participation from Frontline Ventures and JamJar Investments.

“We’re now looking ahead to our Series A as we’re growing at an incredible rate,” said founder and CEO Tim Fouracre.

“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.”

The latest funding comes after Countingup raised $750,000 in a round led by Frontline Ventures in October last year.

Countingup celebrated its official launch in April 2018 and, three months later, announced that it had already attracted more than 2,000 customers.