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- UK fintech startup Countingup has raised £4 million ($5 million) in funding from ING Ventures.
- The company, which provides a business account that does your accounting, also received funds from Triple Point, CVentures and BiG Start Ventures.
- Countingup has processed over £1 billion in transactions and has more than 20,000 customers, according to CEO and cofounder Tim Fouracre.
- Click here for more BI Prime stories.
UK fintech startup Countingup has raised £4 million ($5 million) in funding from ING Ventures.
The company, which provides a business account that does your accounting, also received funds from Triple Point, CVentures and BiG Start Ventures. 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.
“We’re thrilled to have ING Ventures on board,” said Fouracre. “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.”
Fouracre formerly was founder and CEO of Clearbooks, an accounting software company from 2008 onwards. Countingup has now raised $8.7 million in total.
The funding round closed in April amid the coronavirus pandemic. “From the moment the world turned upside down, ING were clear with me that they were going to commit to supporting our vision,” Fouracre told Business Insider. “They stuck to the terms we had agreed and the time between term sheet and cash landing was purely down to the final pieces of due diligence and legal back and forth.”
Countingup effectively combines banking and accounting in one place and the funding will be used to continue scaling the business in the coming months.
Check out Countingup’s pitch deck below:
SEE ALSO: ‘Banking in America is broken:’ The CEO of $5.8 billion challenger bank Chime wants to put the customer first during the coronavirus crisis
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