Tech

Countingup closes £9.1m funding round

The investment will facilitate a drive in its product innovation, growth, and team expansion

Countingup, a business current account with built-in accounting software, has announced the close of a £9.1m Series A investment round.

The round was led by Framework Venture Partners and joined by Gresham House Ventures, Sage, and existing investors.

Designed to simplify bookkeeping and taxes for the self-employed and accountants across the UK, the investment will be used to drive product innovation, growth, and team expansion.

Currently operating over a consumer-base of 34,000, the two-in-one app also allows users to share data with their accountants.

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

“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 2023.”

The funding has reportedly accelerated the firm’s financial services roadmap, extending its product innovation and small business offerings.

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

“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.”

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