Countingup closes £4m in a bridge round, with plans to raise more funds soon

Countingup, an automated accounting platform, has closed a £4m in a bridge round of funding led by ING Ventures.

Additional support to the round came from Triple Point, CVentures and BiG Start Ventures.

With the fresh capital support, the FinTech will accelerate its banking and accounting roadmap to further help small businesses.

In the coming years, the FinTech will look to expand internationally and it plans to raise a larger funding round once normality returns to the world post the coronavirus pandemic.

Countingup empowers small businesses to open a current account through their mobile phone within five minutes, it claims. The app offers  a web-based accounting system which lets accountants manage and collaborate with SME clients.

Users can access a variety of banking and accounting services including invoices, automated accounting, corporate Mastercard, invoices and more.

The FinTech, which has been in operation for two years, has over 20,000 customers and has processed more than £bn in transactions.

Benoît Legrand, ING’s Chief Innovation Officer and CEO of ING Ventures said: “Countingup is a game-changer for small businesses. This fintech helps in reducing costs and complexity by combining accounting and banking into one digitally disruptive solution, a new approach that makes it so much easier to run a small business. We are proud to support Countingup in delivering that vision.”

Countingup previously raised £2.3m in a seed round back in 2018 from investors including Forward Partners, Frontline Ventures and JamJar Investments.

The FinTech also recently teamed up with InsurTech startup Hokodo to launch insurance for unpaid invoices.

Through the deal, Hokodo’s Invoice Protection tool lets business owners quickly and easily request a quote to ensure their business-critical invoices are covered. Clients can identify individual invoices they want protected and purchase and pay for insurance through a tick box process.

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