Accounting startup Countingup secures £9m Series A round
A business account that claims to simplify bookkeeping has secured a £9.1m Series A funding round as it looks to expand its offering ahead of changes to HMRC rules.
London-based startup Countingup, which currently has 34,000 customers, offers a business current account with built-in accounting software to help both the self-employed and accountants.
It has created one location for a firm’s financial data where small business owners can keep a record of receipts, invoices, statements and bills.
The funding round was led by Framework Venture Partners and included investment from Gresham House Ventures, Sage and existing investors. The firm said the cash would be used “to drive product innovation, growth and team expansion.”
“This founding round is helping fuel our product roadmap, including the launch of our digital tax filling service, which aims to be a huge help to small businesses as new Making Tax Digital regulations come into effect from April 2022,” Tim Fouracre, chief executive and founder said.
Businesses of a turnover of more than £85,000 have had to keep digital VAT records but HMRC’s new rules coming into effect next year will also apply to unincorporated businesses and landlords with an annual income of more than £10,000.
“Countingup is the one fintech out of the hundreds Framework has met that truly removes massive friction faced by entrepreneurs everyday,” Peter Misek, founding partner of Framework Venture Partners. “No entrepreneur ever says “Can’t wait to do my bookkeeping! Can’t wait to do my taxes! By using Countingup all the drudgery of a small business vanishes.”