8 years ago

Countingup Raises €750K to Merge Banking and Accounting for Sole Traders

  • Countingup, a new fintech startup founded by Tim Fouracre, who previously founded Clear Books, has raised €750,000 in seed funding led by Frontline Ventures

  • The company aims to simplify the lives of sole traders by merging business banking and accounting software

  • The funding will be used to launch the Countingup banking account in the UK later this year, with the combined accounting functionality to follow early next year

  • Countingup's app will allow users to open a current account and automate their accounting, including reconciliation of expenses, submission of VAT returns, and generation of profit and loss reports and invoices

  • The company is targeting the 4.2 million sole traders in the UK, including construction subcontractors and IT freelancers

  • Countingup faces competition from traditional banks, pure accounting software plays like Sage and Xero, and other fintech startups like Curve and Coconut.

      • ProblemFinancial Services

      "Bookkeeping is a chore, wastes your time and is boring for sole traders. Banks surprise you with hidden fees and have poor customer service. "

      Solution

      "Countingup combines accounting and banking into one simple smartphone app for sole traders, automating bookkeeping, reconciling expenses, submitting VAT returns, generating profit and loss reports, and creating invoices."

      Covered on