Business banking app Countingup lands £4m led by ING
Countingup, a UK-based banking and account app for businesses, has raised £4 million in a “bridge round” of funding led by ING Ventures.
The fintech, founded by former CEO of Clear Books Tim Fouracre, also saw participation from Triple Point, CVentures and BiG Start Ventures in the round.
“We’re thrilled to have ING Ventures on board,” says Fouracre. “ING is a leading pan-European bank that has the reach to open up opportunities for Countingup as we look to expand internationally in the coming years.”
Having landed this £4 million capital boost, the fintech will look to raise a larger funding round “once normality returns to society and the economy” post-coronavirus.
Since its launch two years ago, the start-up has gathered 20,000 business customers and says it’s processed almost £1 billion in transactions.
The fintech aims to become the “one financial hub” for a million small businesses, helping with banking and automating accounting all through one app.
Countingup claims that users can sign up for an account in just five minutes. It also notes that its Accountant Hub – a web-based accounting system – can assist accountants to work more closely with their small and medium-sized enterprises (SME) clients.
And with the UK’s HM Revenue & Customs’ (UK HMRC) Making Tax Digital (MTD) initiative, businesses will soon be required to keep digital records and submit quarterly tax filings, making a solution like Countingup’s very helpful.
“Countingup is a game-changer for small businesses,” says ING’s chief innovation officer (CIO) and CEO of ING Ventures, Benoît Legrand, who called the fintech a “digitally disruptive solution”.