Countingup is already looking ahead to its Series A fundraise.
Venture money continues to chase after banking challengers.
Countingup, a business banking and accounting fintech, has raised £2.3m in seed funding in a round led by Forward Partners. Frontline Ventures and JamJar Investments also participated.
Countingup offers small businesses in the UK a mobile-optimised current account, with sort code and account number, to pair with a contactless Mastercard. Within the app, business owners can do their bookkeeping, view profit and loss reports and attach receipts to expenses. Accounts can be opened using a smart phone in as little as five minutes.
With the seed money pocketed, Countingup is already looking ahead to a Series A round. The business currently boasts over 4,000 customers, with 1,500 new small business customers joining the platform each month.
Tim Fouracre (pictured, right), Countingup’s founder and CEO, was formerly CEO at Clear Books PLC. He said in a statement that most of the people needed for the next stage in Countingup's growth have already been recruited, but that he is still on the hunt for a number of full stack developers.
Countingup’s first seed round came in October of last year, when it raised €750,000 in a fundraise led by Frontline Ventures. Its fintech rivals in the business banking sector include specialists like Tide and Curve, as well as startups spanning both consumers and SMEs, such as Revolut and Starling Bank.
Countingup’s current account offering officially went live in April of this year.
Now in its sixth year, the AltFi London Summit returns on 18th March 2019 to 155 Bishopsgate. Last year proved to be a crucial turning point for the key players building the future of finance. Leading platforms launched oversubscribed IPOs, digital banks proliferated and mainstream financial institutions started their own disruptive propositions. With 2019 certain to be another landmark year, more questions will be asked by regulators with investor interest in disruption also poised for more rapid growth.