Countingup

Description

The one that does your books. Countingup is the UK's #1 banking & accounting app. Dead easy. Super fast. Self sorting.

Overview
Type: Private
Funding Status: Convertible Note
Foundation year: 2017
Location: London, United Kingdom
Number of employees: 11-50
Founders: Tim Fouracre
Website: https://countingup.com/
Target geographic market:

Europe

Awards:

The British Bank Awards: Best Newcomer (March 2020)

About Product/Service
Products Business Current Account, Accounting, Prepaid Card, App, Invoicing, Expense capture
Core product offerings for individual/retail customersBusiness Current Account
Regulators/ComplianceCountingup is not a bank. Counting Ltd designs and operates the Countingup websites and app. The Countingup business current account is an e-money account provided by Prepay Technologies Ltd (PPT) which is an electronic money institution authorised and regulated by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuance of electronic money. As E-money accounts are not protected by the Financial Services Scheme (FSCS), PPS holds an amount equivalent to the money in Countingup current accounts in a safeguarding account with Barclays Bank PLC in accordance with the Electronic Money Regulations 2011 which gives customers protection against PPT’s insolvency. The Countingup Mastercard is issued by Prepay Technologies Limited pursuant to a licence by Mastercard International.
PricingNo monthly subscription fees or transfer charges for the first three months (no monthly subscription fees or payment transfer fees for your first three months when you open an account today). Countingup is priced based on how much you process through your business account, ranging from £4.95 to £9.95 per month. Starter Plan: Free; Incoming funds per month: Up to £500 / Standard Plan: £4.95/mo; Incoming funds per month: £500 – £4,000 / Premium Plan: £9.95/mo; Incoming funds per month: > £4,000. There are separate charges for ATM withdrawals, paying cash into your account (which can be done through the Post Office), bank transfers, and foreign currency exchanges are charged at 3%. There are different daily and monthly transaction and balance limits for sole traders and limited companies.
The Base Currency£ (GBP)
 
Product costStarter Plan: Free
Openning a current account (business and personal)Free
Monthly feesStarter Plan: Free; Standard Plan: £4.95/mo; Premium Plan: £9.95/mo
Money transfers/paymentsCash payments via the Post Office: £1; Cash payments via PayPoint 3%; Account transfers in/out 20p; Free account transfers after free period 3 p/m
Currency exchanges3%
ATM withdrawals£1
OverdraftsNo
OtherEverything can be managed on the app 24/7, including Direct Debits, standing orders, and sending and receiving payments. You can freeze and unfreeze your card in case it gets lost or stolen too.
(a) a personal accountNo
(b) a business accountYes

Key people

Funding rounds

Last Funding Date May 7, 2020
Last Funding Amount £4M
Last Funding Type Convertible Note
Total Funding Amount £6.8M
Number of Funding Rounds 3

Financials

Customer/Products segments Business banking, accounting, expenses management
Key product offeringUK Business Current Account, corporate contactless MasterCard, automated receipts, automated accounting and tax calculated and filed
Banking licenseCountingup does not have a full banking license. Countingup’s account is provided by Prepay Solutions, which has a licence for issuing electronic money granted by the Financial Conduct Authority (FCA).
Type of customersBusinesses (startups, freelancers, sole traders and limited companies)
Estimated revenue$1M to $10M
Number of investors 13
Number of lead investors3
Names of lead investorsForward Partners, ING Ventures, Frontline Ventures

Tech stack

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