London-based fintech startup Countingup has raised €4.5m ($4.8m) through a bridge financing round to automate banking and accounting for small businesses.
The funding round was led by ING Ventures, with co-investment from Triple Point, CVentures and BiG Start Ventures.
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The UK-based fintech will use the funds to pace up the banking and accounting roadmap for an easy and efficient way to digitally run a small business.
Commenting on the investment, Countingup founder and CEO Tim Fouracre said: “ING is a leading pan-European bank that has the reach to open up opportunities for Countingup as we look to expand internationally in the coming years.
“Countingup is a more automated and accurate alternative to traditional digital bookkeeping software or a shoebox of invoices and receipts.
“It’s ideal for sole trader clients and solves several customer pain points in one seamless solution.”
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By GlobalDataFounded in 2017, Countingup app has more than 20,000 customers and has processed close to €1.1bn in transactions.
It offers business current accounts to small businesses on their smartphones, which can be opened within five minutes and has both banking and accounting features.
Recently, Countingup unveiled its web-based accounting system called ‘Accountant Hub’, which helps accountants manage and collaborate with their SME clients.
