2018 was a phenomenal year of progress for Countingup.
Countingup is #1
8k British businesses wanted a better way to run their business and opened a Countingup business current account, making Countingup the leading accounting bank in the UK.
Accounting banks are here to stay
A year ago an accounting bank was a concept, and now it’s a tangible app that you can download on the App Store or Play Store. It’s your business current account and accounting software in one app. Think Mastercard mixed with expenses, or sort code/account number combined with invoicing. It’s Xero and RBS in one app, but 10x better and more automated.
It’s the simple way to run your business.
From 0 to 8k customers
To give our growth to 8k some context, we began 2018 with zero customers. Then on 24 January 2018, Countingup was the first accounting bank to launch for self-employed sole traders and freelancers. We followed quickly on 28 March 2018 to become the first accounting bank to launch for limited companies.
Since the first £5 transaction was processed, our small business customers have now transacted an incredible £115m between them over the past year.
The first version of the app we launched 12 months ago included automated categorisation of transactions, profit & loss report, freeze/unfreeze your Mastercard and faster payments. Throughout 2018 we iterated on the app and shipped some necessary additions e.g. direct debits, receipt capture of expenses, attachments and notes, PDF bank statements, PDF account confirmation letters and CSV bank statement exports.
In addition to these customer-facing improvements, there were big unnoticed projects such as building a customer services admin tool. There were lots of little tweaks and improvements too, for example, the ability to change your mobile number or trading name.
Small businesses love Countingup
We’re thrilled that our small business customers have been giving us glowing testimonials over the past year. We’ve received nearly 600 independent reviews across three major review sites.
Investment and a bigger team
In the summer of 2018 we raised £2.3m in Venture Capital with the likes of Frontline Ventures, Forward Partners and the founders of Innocent Drinks investing. This allowed us to expand the team from 4 at the beginning of the year to 12 at the end (with 2 more joining this month).
2019 is the year of disruption
2018 was a year of getting traction for Countingup.
2019 is the year Countingup disrupts how small business do their accounting and banking.
Our game-changing invoicing functionality launches this month. This is seriously the best invoicing app on the market. It looks beautiful. Payments received match to invoices automatically (as you’d expect from an accounting bank).
Bills, VAT filing, web access and multi-user access will all follow in 2019.
We continue to make improvements on the banking side too. Very soon our faster payments will be even faster and, after lots of requests, we’re putting your company name on your Mastercard. As part of our work on bills, you’ll be able to set up standing orders too.
Thanks for your support!
So thanks to all 8k of our small business customers for supporting us. Also to our investors, partners and the brilliant team at Countingup for making it happen.
We’re looking forward to you benefiting from all the improvements coming your way in 2019.