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Countingup, a startup from founder of Clear Books, raises ​$750K to merge banking and accounting

Countingup, a startup from founder of Clear Books, raises ​$750K to merge banking and accounting
From TechCrunch - October 23, 2017

Countingup, a new fintech startup from Tim Fouracre, who previously founded cloud accounting software Clear Books, wants to simplify the life of sole traders by reinventing the business bank account. Specifically, Fouracres vision is that for one-person enterprises, business banking and accounting software should be merged so that book keeping and filing accounts can be automated.

To make this a reality, the young company has picked up 750,000 in founding led by Frontline Ventures. Others participating in the round include Will Neale (Founder of Fonix & Grabyo), Ben Grol (Partner at Atomico), Ben Heald (Chair of Sift, Edo, eFiling & Bristol Pound), and Andy Chung (AngelList).

The capital will be used to launch the Countingup banking account in the U.K. later this year, with the combined accounting functionality to follow early next year.

I first had the idea for combining accounting and banking about three years ago, Fouracre tells me. Earlier this year I began to realise the idea was a real possibility and in September I officially got to work on the project full time.

After downloading the Countingup for iOS or Andriod, youll be able to open a current account on your smartphone in around 5 minutes. The account will come with a U.K. sort code/account number and a contactless Mastercard.

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