SME current account Countingup closes £9.1m Series A with backing from accountancy giant Sage

By Oliver Smith on Thursday 4 March 2021

Digital Banking

The fintech has now reached 34,000 business current account customers.

SME current account Countingup closes £9.1m Series A with backing from accountancy giant Sage
Image source: Tim Fouracre (right)/Countingup.

Just ten months after its last fundraise, Countingup has raised a further £9.1m from a host of new backers, including accountancy giant Sage.

The SME current account provider said its Series A will go towards accelerating Countingup’s feature roadmap, growth and expansion of the team.

“We are delighted to have the backing of experienced investors on our journey to becoming the ultimate financial tool for the self-employed,” said Tim Fouracre, CEO and founder of Countingup.

“This funding round is helping fuel our product roadmap, including the launch of our digital tax filing service, which aims to be a huge help to small businesses as new Making Tax Digital regulations come into effect from April 2022.”

The round was led by new backers Framework Venture Partners, Gresham House Ventures and Sage, along with the fintech’s existing investors.

“Investing in high growth SaaS businesses is core to our strategy to enable small businesses and accountants to survive and thrive,” said Neal Watkins, EVP of the small business segment at Sage.

“This is an exciting opportunity to be part of the start-up journey in a new way as businesses explore the benefits of bringing accounting and financial services together.”

Last May Countingup raised £4m from ING Ventures, Triple Point, CVentures and BiG Start Ventures.

At the time, Fouracre said Countingup had over 20,000 SME customers processing some £1bn in transactions since launch in 2017, today that figure has reached 34,000 customers.

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