Countingup raises £2.3 million seed round

Countingup raises £2.3 million seed round

Countingup, a UK startup that combines a business current account with a built-in accounting package, has raised a £2.3m seed round led by Forward Partners with participation from Frontline Ventures and JamJar Investments.

Emerging out of Beta in April, Countingup offers fast mobile-only onboarding, a contactless Mastercard, and a range of in-app bookkeeping and accountancy features.

The startup has so far enrolled 4000 sign-ups since launch, processing £18m in transaction and boasting £2m in customer deposits.

Tim Fouracre, founder and CEO of Countingup,  comments: “We’re now looking ahead to our Series A as we’re growing at an incredible rate. 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."

Fouracre says the firm will use the cash to build out its team of full-stack developers and bake in more accounting features to the app as it prepares for the next stage of growth.

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