Business banking app Countingup has raised £2.3 million in seed funding to expand and develop its accounting features. The round was led by Irish venture capital firm Frontline Ventures with participation from Frontline Ventures and JamJar Investments.
Countingup allows customers to open a current account through its smartphone app. It ffers fast mobile-only onboarding, a contactless Mastercard, and a range of in-app bookkeeping and accountancy features.
Tim Fouracre, founder and CEO, 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.”
The startup claims to have attracted 4,000 customers since its launch in April 2018, processing £18 million in transactions and boasting £2 million in customer deposits.
The company will use the cash to build out its team of full-stack developers and bake in more accounting features to the app as it prepares for the next stage of growth.