SME banking and accounting company Countingup has received £2.3m in its seed round of funding.
The investment was led by Forward Partners, with participation also coming from Frontline Ventures and JamJar Investments.
London-based Countingup is a mobile app which enables businesses to complete their banking, bookkeeping tasks, as well as pay their taxes. SMEs can open a business current account on their smartphone and will be provided with a UK sort code and account number, and a contactless MasterCard.
Through the solution, businesses can also automate their bookkeeping, view profit and loss reports and attach receipts with expenses.
Some of the services the company hopes to offer in the future include an automated receipt scanning, further tax support tools and professional invoices.
Through this capital injection, the company will look to increase the development of its accounting capabilities. The company has recently finished a round of staff hires, which it believes means ‘most of the people needed to drive the next stage of growth have been recruited.
Countingup founder Tim Fouracre said, “We’re now looking ahead to our Series A as we’re growing at an incredible rate. 1,500 small businesses are joining us every month and this recent funding puts us on a path to be at 10k customers rapidly.
“More importantly there are a number of ways for us to accelerate this. There are 5.7m milion businesses in the UK that need a solution like Countingup, particularly as HMRC plans to require the digitalisation of small business record keeping with its Making Tax Digital initiative.”
This investment comes just 10 months after its previous round of funding. Last year, the company raised $750,000 in funding which was led by Forward Partners and supported by a number of angel investors.
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