London, 4 March 2021 - Sage, a market leader in cloud business management solutions today announces that it has participated in Countingup’s £9.1 million Series A investment round. Led by Framework Venture Partners, alongside Gresham House Ventures and existing investors, the funding will be used to drive product innovation, growth, and team expansion.
Countingup is an innovative fintech company that offers a business current account with built-in accounting software. The two-in-one app simplifies bookkeeping and taxes for the self-employed as well as accountants across the UK.
Trusted by over 34,000 customers, the unique two-in-one app automates the time-consuming aspects of bookkeeping and taxes and encourages good recordkeeping, making it easier to run a small business. In addition, customers can easily share their accurate, real-time bookkeeping data with their accountants – eliminating the pains of re-authorisation requests, data lags, duplicates, and inaccuracies.
Tim Fouracre, CEO and Founder, Countingup, said: “We are delighted to have the backing of experienced investors on our journey to becoming the ultimate financial tool for the self-employed”, adding that “This funding round is helping fuel our product roadmap, including the launch of our digital tax filing service, which will be a huge help to small businesses as new Making Tax Digital regulations come into effect from April 2022.”
Neal Watkins, EVP, Small Business Segment at Sage, said: “Investing in high growth SaaS businesses is core to our strategy to enable small businesses and accountants to survive and thrive. This is an exciting opportunity to be part of the start-up journey in a new way as businesses explore the benefits of bringing accounting and financial services together. We are excited to partner with and support Countingup’s deeply experienced senior leadership team.”
Framework Venture Partners Peter Misek said “Countingup is the one fintech out of the hundreds Framework has met that truly removes massive friction faced by entrepreneurs everyday. Entrepreneurs wake up everyday doing what they love, Countingup helps them do just that. 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. We believe Countingup can free the United Kingdom’s small business from this one inevitable fact of life and bring a little happiness back. After the year we’ve all had small businesses deserve Countingup!”
The investment will drive Countingup’s product innovation. With an accelerated financial services roadmap, the team is excited to further help small business owners save time, money and confidently manage their business admin – giving them valuable time back to focus on what they love and do best.
About Sage
Sage is the global market leader for technology that provides small and medium businesses with the visibility, flexibility and efficiency to manage finances, operations and people. With our partners, Sage is trusted by millions of customers worldwide to deliver the best cloud technology and support. Our years of experience mean that our colleagues and partners understand how to serve our customers and communities through the good, and more challenging times. We are here to help, with practical advice, solutions, expertise and insight.
About Countingup
Founded in 2017 by Tim Fouracre, Countingup is the business current account with built-in accounting software. The two-in-one app simplifies bookkeeping and taxes, helping self-employed people save time and money. By creating one central location for their financial data, small business owners can easily keep an accurate record of receipts, invoices, statements and bills. With automatic expense categorisation, invoice matching and digital tax filings coming soon, Countingup aims to be the all-in-one financial tool for self-employed people. Contact Countingup: [email protected]