Countingup hits 13,000 business banking customers as it enters the fray for RBS Competition Fund cash

Digital business and accounting app Countingup has reached a milestone of 13,000 customers less than 12 months after launching.

“Our customers have transacted more than £250m and have already created thousands of invoices,” said Tim Fouracre, Countingup’s founder and CEO.

“We’re delighted to have surpassed the 10,000 customer mark in under a year, considering it took Xero over two years to reach the same number.”

Countingup bundles a business current account along with bookkeeping features aimed at sole traders and freelancers, like auto-matching invoices with payments and expenses management.

Fouracre is also launching Making Tax Digital-compliant VAT returns in time for the first filings for the April-June quarter.

“Joining Countingup is the simplest way for businesses to comply with the new VAT regulations without spending large sums on accounting software,” he said.

The founder also revealed Countingup is preparing a bid for a £5m grant from Pool D of the Banking Competition Remedies fund set up in the wake of RBS’s taxpayer bailout.

Pool D applications, which include that of Countingup’s rival Coconut, close on Tuesday with awards expected in June.