ING Ventures has led a £4 million financing round for Countingup, a UK startup that combines a business current account with a built-in accounting package.
Triple Point, CVentures and BiG Start Ventures joined the bridge round for the startup, which was founded by former Clear Books CEO Tim Fouracre.
Launched two years ago, Countingup now boasts more than twenty thousand customers and has processed almost £1 billion in transactions.
Small businesses can open a business current account on their phone in under five minutes and get access to a range of accounting features.
On top of that, the firm has recently launched its Accountant Hub, a web-based accounting system that helps accountants manage and collaborate with their SME clients.
Fouracre says Countingup will look to close a larger funding round to enable international expansion "once normality returns to society and the economy post the Covid-19 pandemic".
Benoît Legrand, CEO, ING Ventures, adds: "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."