Countingup, the U.K. fintech offering a business current account with built-in accounting features, has closed £9.1 million in Series A investment. Leading the round is Framework Venture Partners, with participation from Gresham House Ventures, Sage and existing investors.
It’s noteworthy that Countingup has previously taken investment from ING, and the addition of Sage as a backer is interesting since both could help the startup reach more business customers. It also potentially sets up one future road to exit. However, let’s not get ahead of ourselves.
Founded in 2017 by Tim Fouracre, who previously founded cloud accounting software Clear Books, Countingup now boasts over 34,000 business customers. The company’s long-term vision is to be the one “financial hub” for micro businesses in the U.K. and beyond. Its initial “attack vector” was to combine a business bank account with bookkeeping features to help automate the filing of accounts — a major time sink…