90 Seconds with Tim Fouracre – Founder of £9 Million Recently Raised Startup ‘CountingUp’

We caught up with Tim Fouracre, the founder of CountingUp, the exciting new startup app that combines your business current accounts and accounting together. The startup recently raised £9 million in Series A investment.




How did the business come about? What was the light bulb moment?


Founded through frustration….in the nine years I spent building cloud accounting software Clear Books plc, I saw small businesses losing so much time with inefficient banking and accounting systems.  I wanted to create an all-in-one app that would help entrepreneurs simplify their accounting and taxes – making it easier to run their business.


What challenges have you faced so far and overcome?


Ensuring an early stage company has the capital to survive and thrive is, in my view, the number one priority for a CEO. The biggest challenge then is that the funding process takes up all of your time. It means for a couple of months you will be distracted from the core business so it’s important to have a strong team who will keep the business moving forward in your absence.



How has your business reacted to covid?


The main impact on us as a business is that we’ve made sure we’ve tried to help our customers that have been negatively affected. For us we’ve seen small business owners and their accountants looking for tools that allow them to work more flexibly


What are your plans for growth this year? 


Focus is to scale up the team quickly from 30 to 80 people. This will accelerate our roadmap enabling more opportunities of product work to be on the go concurrently.
Following that our roadmap includes MTD tax filing, new financial services, multi-currency invoicing and payments as 33% of SMEs in the UK trade internationally.