Egypt’s CVentures commits to London-based fintech, Countingup.
Egypt’s venture capital arm of Commercial International Bank (CIB) CVentures, has committed an undisclosed amount in London- based fintech Countingup.
The round was led by the VC arm of a leading pan-European banking and financial services ING Group with the participation of CVentures.
Countingup offers banking and services to startups, freelancers, limited companies, and self- employed traders, enabling them to open a Countingup current account which comes with a set of accounting and banking features via its mobile app.
The founder and CEO of Countingup, Tim Fouracre said, “We’re thrilled to have ING Ventures and CVentures onboard. ING is a leading pan-European a and CIB is Egypt’s largest private sector bank with prospective geographic expansion plans underway, all of which present meaningful opportunities for Countingup as we look to expand outside of the UK in the coming years.”
Countingup has also launched its web-based accounting software ‘Accountant Hub’ which allows accountants to manage and collaborate with their SME clients, in real-time.
Speaking on the investment, Director at CVentures, Shady Tadross said, “Countingup’s seamless solution reduces the costs and complexities associated with banking and accounting services for small businesses. This new approach makes it significantly easier for sole traders and micro-enterprises to manage their accounts, and run their business. CVentures is excited at the prospect of working closely with Countingup and we look forward to helping Tim and his team achieve their vision and grow into additional markets.”
“Countingup is an automated and accurate alternative than traditional digital bookkeeping software or a shoebox of invoices and receipts. It is ideal for sole traders and solves multiple pain points in one seamless solution”, Fouracre added.
Countingup is a business current account and online accounting software that was launched in 2017 in the United Kingdom.
CVentures is an early-stage, cross-border venture capital firm that focuses on investing in companies creating a meaningful impact on financial services. CVentures is a subsidiary of CIN. It was launched in 2018.