A London-based business banking start-up has successfully raised £2.3 million in investment and is now preparing for its Series A funding round.
The start-up has developed a smartphone app that combines business banking and accounting into a single product. Customers can open a business current account on their smartphone, complete with a UK sort code, account number, and a contactless Mastercard.
The recent seed funding round was led by Forward Partners, with participation from Frontline Ventures and JamJar Investments. This follows a previous funding round in October last year, where the company raised $750,000, also led by Frontline Ventures.
Founder and CEO Tim Fouracre explained the company’s growth trajectory, stating, “1,500 small businesses are joining us every month and this recent funding puts us on a path to be at 10k customers rapidly. More importantly, there are a number of ways for us to accelerate this.”
The app was officially launched in April 2018 and, within three months, had attracted over 2,000 customers. The start-up’s innovative approach in merging banking and accounting services has garnered significant attention, and the latest investment aims to further bolster its rapid growth.
With the recent injection of £2.3 million in seed funding, the start-up is well-positioned to accelerate its growth and prepare for its Series A funding round, demonstrating significant potential in the business banking sector.