Mobile banking platform Countingup has closed a $750,000 funding round led by Frontline Ventures.
Other backers to the investment were several angel investors including Fonix & Grabyo Will Neale, Sift chairman Ben Grop and AngelList Andy Chung, among others.
The company, founded by former ClearBooks CEO Tim Fouracre, is a mobile current account for small businesses. UK-based Countingup provides the businesses with a sort code, account number and a contactless Mastercard.
Founded in 2017, the platform also helps with accounting, by submitting VAT returns, creating profit and loss reports and making invoices. To help with the automation of the bookkeeping the platform implements machine learning technology.
The first 100 entrepreneurs to sign up to the platform will receive a free account until 2019, with the platform available on Google Play and the App Store.
Countingup founder and CEO Tim Fouracre said, “Combining accounting and banking into one single product is going to simplify running your business. It will save stress and give back time to entrepreneurs that could be better spent on their business. Sole traders and freelancers can do their day to day banking and not have to worry about the bookkeeping, which will be automated.”
Last year, Frontline Ventures and Octopus Ventures led the ?8m investment into P2P currency exchange CurrencyFair. Other companies currently in Frontline portfolio include credit risk platform James, which recently raised a $2.7m funding round, and P2P lending platform Linked Finance, with the company raising ?1m earlier this year.
The UK WealthTech sector has seen a huge increase to funding this year, with the first three quarters seeing a total of around $380m, this is compared to the same period last year seeing only $156.5m invested.
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