Irish VC Frontline backs UK fintech group Countingup
Firm aiming to build accounting bank for one million entrepreneurs raises €2.5m in funding
Countingup’s CTO Mike Moate and CEO Tim Fouracre. The company secured €2.5m in its latest funding round
UK fintech firm Countingup has raised £2.3 million (€2.5 million) in seed funding to develop its accounting features, with Dublin-based venture capital company Frontline Ventures continuing to back the firm.
The seed round was led by Forward Partners, with some backing from Frontline, which provided angel funding to the UK company almost a year ago.
Frontline led the $750,000 (€645,000) angel funding round in October 2017, with participation from Fonix and Grabyo founder Will Neale, Atomico partner Ben Grol, Sift chair Ben Heald, and AngelList’s Andy Chung, among others.
Countingup, which was founded by Tim Fouracre in 2017, is aiming to build a bank for one million entrepreneurs, combining a current account and accounting functions.
Designed to allow small businesses to open a current account on their smartphone in five minutes, the app can also be used to create invoices, submit VAT returns, and generate a profit and loss report for businesses. Users can also attach receipts to transactions, making it easier to keep track of expenses.
The app officially launched in April. By the middle of July, the company said it had more than 2,000 customers, and it has continued to grow.