CVentures, the venture capital arm of Egypt’s largest private bank CIB (Commercial International Bank) has invested in London-based fintech Countingup, it announced in a statement to MENAbytes earlier this week. The investment was made as part of ~$5 million (£4 million) bridge round raised by the British startup. CVentrues did not disclose the size of their participation.
The round was led by VC arm of a leading pan-European banking and financial services institution ING Group with the participation of local VCs (and CVentures).
CVentures had launched in late 2018. At the time of the launch, CIB had said that it will invest in opportunities across the Middle East, Africa, and “other highly regarded cross-border markets.”
Tim Fouracre, the founder and CEO of Countingup hinted that the Egyptian bank could potentially help them expand into Egypt, “We’re thrilled to have ING Ventures and CVentures onboard. ING is a leading pan-European bank, 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.”
The startup offers banking and accounting services to startups, freelancers, and self-employed self traders. It enables them to open a Countingup current account that comes with a suite of accounting and banking features (available through its mobile app).
Countingup has recently also launched its web-based accounting software Accountant Hub that allows helps accountants to manage and collaborate with their SME clients, in real-time.
Shady Tadross, Director at CVentures, commenting on the investment, 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.”
Tim Fouracre, said, “Countingup is a more automated and accurate alternative than traditional digital bookkeeping software or a shoebox of invoices and receipts. It’s ideal for sole traders and solves multiple pain points in one seamless solution.”
Update – 3:40 AM GMT: A previous version of this article mistakenly noted that it is the first investment announced by CVentures.