Countingup, a UK-based banking and account app for small companies, has landed £9.1 million in a Sequence A funding spherical.
The digital bookkeeper’s newest capital injection was led by Trulioo-backer Framework Enterprise Companions. It additionally attracted new backers Gresham Home Ventures – which additionally backs FundingXchange – and software program large Sage.
The contemporary funding will likely be fed into product innovation, workforce enlargement, and extra normal progress vectors. The beginning-up presently presents a enterprise present account with built-in accounting software program to some 34,000 prospects.
“This funding spherical helps gasoline our product roadmap, together with the launch of our digital tax submitting service,” says CEO and founder, Tim Fouracre – former CEO of ClearBooks.
HMRC goes digital
In April subsequent yr, Making Tax Digital laws will come into full impact. They’ve come into gradual impact since 2019.
The brand new guidelines keep away from corporations manually coming into their particulars through the HMRC portal, as a substitute storing them by suitable software program suppliers like CountingUp. The laws acts as a “digital hyperlink” between all software program utilized by the organisation for its VAT compliance.
Framework Enterprise Companions’ founding companion, Peter Misek, says Countingup is “the one fintech out of the a whole bunch” which “really removes large friction confronted by entrepreneurs daily”.
“No entrepreneur ever says ‘Can’t wait to do my bookkeeping! Can’t wait to do my taxes!’ Through the use of Countingup, all of the drudgery of a small enterprise vanishes.”
Progress since final yr
Countingup’s final spherical was a £4 million “bridge spherical” led by ING Ventures in May 2020. Again then, the fintech mentioned it had gathered 20,000 enterprise prospects. Which suggests within the final ten months, CountingUp has acquired 14,000 customers.
The fintech goals to turn out to be the “one monetary hub” for one million small companies, serving to with banking and automating accounting all by one app.
Countingup claims that customers can join an account in simply 5 minutes. It additionally notes that its Accountant Hub – a web-based accounting system – can help accountants to work extra intently with their small and medium-sized enterprises (SME) shoppers.
Learn subsequent: Business banking app Countingup lands £4m led by ING