Countingup, a FinTech that aims to combine and streamline corporate banking and accounting for small- and medium-sized businesses (SMBs), secured fresh funding this week, according to news from TechCrunch.
The company raised $750,000, led by Frontline Ventures, while other investors also participated.
Countingup, started by Clear Books Founder Tim Fouracre, plans to use the venture capital funding to launch operations in the U.K. later this year. The platform aims to facilitate the opening up of a current account via smartphone, providing SMBs with automated accounting and expense management solutions. Fouracre told the publication that it will also provide VAT returns, invoice generation, reporting and other features.
“If you are running a business, then bookkeeping is a chore, wastes your time and is boring,” the founder told reporters. “Your bank surprises you with hidden fees and you’ve probably lost faith in their customer service. Countingup is making starting and running a business really simple for sole traders. We’re doing that by combining accounting and banking into one simple smartphone app.”
Fouracre said there are an estimated 4.2 million sole traders in the U.K. alone, made up of entrepreneurs who operate their businesses as the sole employee.
“This includes everyone from your construction subcontractor to your IT freelancer, whether they are self-employed or operating as a limited company,” he stated.
B2B FinTechs are increasingly turning their attention to the micro-business and self-employed customer segment. Also known as gig workers, these independent contractors and entrepreneurs are changing the face of employment demographics in markets the world over, encouraging innovators to rethink how they provide cash management, corporate banking, accounting and other financial services to the space.
Earlier this year, another U.K. startup targeting freelancers, Lystable, raised $21 million in venture capital funding for its solution that enables work assignment, invoice tracking and payments.