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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 customers | Business Current Account |
| Regulators/Compliance | Countingup 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. |
| Pricing | No 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 cost | Starter Plan: Free |
|---|---|
| Openning a current account (business and personal) | Free |
| Monthly fees | Starter Plan: Free; Standard Plan: £4.95/mo; Premium Plan: £9.95/mo |
| Money transfers/payments | Cash 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 exchanges | 3% |
| ATM withdrawals | £1 |
| Overdrafts | No |
| Other | Everything 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 account | No |
| (b) a business account | Yes |
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 offering | UK Business Current Account, corporate contactless MasterCard, automated receipts, automated accounting and tax calculated and filed |
| Banking license | Countingup 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 customers | Businesses (startups, freelancers, sole traders and limited companies) |
| Estimated revenue | $1M to $10M |
| Number of investors | 13 |
| Number of lead investors | 3 |
| Names of lead investors | Forward Partners, ING Ventures, Frontline Ventures |
Tech stack
Competitors
| Founding Date | Type | Tags | |
x Thinkmoney Think Money is one of the largest and longest-... | 2002 | Private | Challenger banks, fintech |
x Starling Bank Starling Bank is a digital bank based in the UK.... | 2014 | Private | Challenger banks, fintech |
x Tinkoff Bank Tinkoff Bank is a credit card company and a first... | 2006 | Private | Challenger banks, fintech |
x BankMobile BankMobile is a mobile application that offers a... | 2015 | Private | fintech, challenger banks |
x Fenergo Fenergo is the digital enabler of client and... | 2009 | Private | Fenergo |
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