Countingup, a business current account with built-in accounting software, has closed a 拢9.1 million Series A investment round.听
The two-in-one app claims to simplify bookkeeping and taxes for the self-employed as well as accountants across the UK.听
The funding, led by Framework Venture Partners and joined by Gresham House Ventures, Sage, and existing investors,听will be used to drive product innovation, growth and team expansion at the London start-up.听
Trusted by over 34,000 customers, the unique app automates the time-consuming aspects of bookkeeping and taxes and encourages good recordkeeping, making it easier to run a small business.听听
In addition, customers can easily share accurate, real-time bookkeeping data with their accountants 鈥� eliminating the pains of re-authorisation requests, data lags, duplicates, and inaccuracies.听
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鈥淲e are delighted to have the backing of experienced investors on our journey to becoming the ultimate financial tool for the self-employed,鈥� said CEO听Tim Fouracre.听听
鈥淭his 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.鈥�听
Peter Misek, founding partner of Framework Venture Partners, said: 鈥�Countingup听is the one fintech out of the hundreds Framework has met that truly removes massive friction faced by entrepreneurs every day.听听
鈥淓ntrepreneurs wake up every day doing what they love and听Countingup听helps them do just that. No entrepreneur ever says: 鈥楥an鈥檛 wait to do my bookkeeping! Can鈥檛 wait to do my taxes!鈥櫶�听
鈥淏y using听Countingup, all the drudgery of a small business vanishes. We believe听Countingup听can free the United Kingdom鈥檚 small business from this one inevitable fact of life and bring a little happiness back. After the year we鈥檝e all had small businesses deserve听Countingup.鈥�听
Neal Watkins, EVP, small business segment at Sage, said: 鈥淚nvesting in high growth SaaS businesses is core to our strategy to enable small businesses and accountants to survive and thrive.听听
鈥淭his 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.听听
鈥淲e are excited to partner with and support听Countingup鈥檚听deeply experienced senior leadership team.鈥�听