The funding will help the fintech to streamline its services to help SMEs through the ongoing pandemic.
Countingup, the SME banking and accounting app, has received £4m in funding from leading fintech investors.
Funding from the round will be used to accelerate the fintech’s product roadmap and help to make Countingups’ processes easier and more efficient.
Tim Fouracre, CEO of Countingup, said: “With government instructions to stay at home, the country is turning to digital solutions for everything from entertainment to shopping.
“If you want to start a business and open a bank account, you can’t go to your local branch right now. With digital offerings like Countingup you don’t need to.”
Launched in September 2017, Countingup has over 20,000 SME customers and has processed over £1bn in transactions.
Benoît Legrand, chief innovation officer of ING and CEO of ING Ventures, said: “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. We are proud to support Countingup in delivering that vision,” he added.
Fouracre also confirmed that he planned to undertake a larger funding round “once normality returns to society and the economy post the COVID-19 pandemic.”
Countingup has recently launched a free-to-use furlough calculator for sole traders and compiled a list of useful information for self-employed workers to better understand the support they can receive.
The fintech has also been a vocal critic of the government-backed schemes—it spearheaded an open letter from 250 accountancy firms to the Chancellor calling on more support for SMEs during the coronavirus pandemic.