Countingup raises $5 million

ING Ventures, part of ING Group, the Dutch multinational banking and financial services corporation, is leading Countingup’s ~$5 million round, a UK-based startup that combines business banking and accounting in one place. Triple Point, CVentures and BiG Start Ventures also participated in the round.

Founded in 2017, Countingup has processed over £1 billion in transactions and has more than 20,000 customers, according to CEO and cofounder Tim Fouracre. Small businesses can open a Countingup business checking account on their smartphone in under 5 minutes and the account comes with both banking and accounting features. On top of that, Countingup has recently launched its Accountant Hub, a web-based accounting system that helps accountants manage and collaborate with their SME clients.

“Countingup is a more automated and accurate alternative to traditional digital bookkeeping software or a shoebox of invoices and receipts. It’s ideal for sole trader clients and solves several customer pain points in one seamless solution. We’re thrilled to have ING Ventures on board. ING is a leading pan-European bank that has the reach to open up opportunities for Countingup as we look to expand internationally in the coming years. Following this bridge investment we will seek to do a larger funding round to accelerate growth once normality returns to society and the economy post the COVID-19 pandemic.” – Founder and CEO, Tim Fouracre.

“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.” – Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures.