CVentures , the venture arm of Egypt’s largest private bank, CIB (Commercial International Bank), has invested in London-based fintech firm Countingup, it said in a statement to MENAbytes earlier this week. The investment was made as part of a bridge round worth approximately USD 5 million (GBP 4 million) raised by the British startup. CVentrues did not disclose the size of their participation.
The round was led by the VC arm of a leading pan-European banking and financial services company ING Group, with the participation of local VCs and CVentures.
This is the first investment announced by CVentures since its launch in late 2018. At the time of the launch, CIB had said that the fund 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 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 recently launched its web-based accounting software, Accountant Hub, that helps accountants manage and collaborate with their SME clients in real-time.
Shady Tadross, director at CVentures, commented on the investment and 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.”
This article first appeared on MENAbytes.