SME mobile banking platform Countingup bags $750k in round led by Frontline

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.p>

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.

Copyright ? 2017 FinTech Global

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