Countingup

UK-based Countingup provides banking services and accounting software to businesses via a web portal and a mobile app. Products offered by the company include business current accounts in addition to software solutions such as receipt capture, tax estimates, and invoice generation.

The current accounts are equipped with in-built software, which automates processes such as bookkeeping and tax compilations. In addition to this, the integration of a customer’s bank account with other business software enables the platform to provide insights in relation to a customer’s business finances, which include automated profit and loss compilations, tax estimates, and unpaid invoices. The current accounts have no minimum balance requirements but impose maximum balance limits of GBP 400,00 for limited companies and GBP 60,000 for self-employed individuals.

The company offers its products under three tiers, which are based on the level of incoming funds per month. For customers with less than GBP 750 of incoming monthly funds, products are offered free. Meanwhile, monthly fees for customers with incoming funds ranging GBP 750–7,500 per month is GBP 9, while monthly fees for customers with incoming funds greater than GBP 7,500 per month is GBP 18. Customers are also subject to transaction charges, which include but are not limited to GBP 1 for ATM withdrawals and foreign currency transaction fees of 3%.

Key customers and partnerships

As of February 2024, the company had 50,000+ customers.

Funding and financials

In March 2021, the company raised GBP 9.1 million (approximately USD 12 million) in Series A funding led by Framework Venture Partners. The funding will mainly be geared towards developing new products and expanding the company’s workforce.