Countingup and Griffin to power MoneySuperMarket’s business banking offering

Source: Countingup

Countingup, the banking, accounting and tax app, has partnered with Griffin, a fully licensed UK bank, to power and service MoneySuperMarket Business Banking.

The launch builds on Countingup’s recent move to business bank accounts through its partnership with Griffin and marks the next stage in the relationship between the two companies. Together, Griffin and Countingup are now offering the same combination of regulated banking infrastructure, customer experience, banking operations and accounting and tax technology to trusted brands looking to expand into business banking. MoneySuperMarket, one of the UK’s best-known brands, is the first organisation to launch using the model.

For MoneySuperMarket, the partnership extends its offering, enabling it to offer business banking through a brand already trusted by millions of UK consumers. The app leverages Countingup’s existing software with Griffin’s banking infrastructure, offering sole traders and limited companies a simpler way to manage their finances in one place.

The launch comes at a time when small business owners are facing increasing pressure to stay on top of their finances and tax obligations. With Making Tax Digital continuing to roll out and financial administration becoming more complex, research commissioned by Countingup found that 78% of small business owners are interested in a service that combines banking, accounting and tax support in one place, while 48% don’t find filing and paying taxes easy.

These changing customer expectations are accelerating the growth of embedded finance, as more organisations look to deepen relationships with existing customers by offering complementary financial products. Rather than building banking infrastructure, payment capabilities, customer operations and financial technology from scratch, non-banks are looking for specialist providers to help them bring new financial products to market faster.

Tom Platt, chief executive officer of Countingup, said: “Launching our own business bank accounts with Griffin was an important milestone for Countingup, but we’ve always believed the opportunity was much bigger.

“More organisations want to offer financial products that genuinely help their customers, but they know building the underlying technology and operations from scratch is complex. By combining Griffin’s regulated banking infrastructure with our customer experience, banking operations and tax and accounting technology, we’ve created a model that enables trusted brands to bring integrated business banking to market much more quickly.

“MoneySuperMarket is the first example of that vision in action. Together, we’ve developed a proposition designed to make managing money simpler for small businesses, combining trusted banking services with the support, insight and convenience customers expect from a brand they already know. We’re incredibly proud to be launching MoneySuperMarket Business Banking and excited about the value it can deliver for business owners.”

Through a single partnership, organisations can access regulated banking infrastructure, payment rails, banking operations and AI-powered accounting technology without having to integrate multiple providers themselves.

Customers using the new MoneySuperMarket Business Banking account will benefit from government-backed FSCS protection on eligible deposits up to £120,000, faster and more reliable payments, Open Banking compatibility, 1.2% AER (variable) interest on savings held in a Tax Pot, alongside AI-powered accounting and tax tools that help automate bookkeeping, estimate tax liabilities and reduce the time spent on financial admin.

Amrita Das, head of commercial at MoneySuperMarket, said: “This launch marks an important step in expanding how MoneySuperMarket supports customers throughout their financial journey. Small businesses are increasingly looking for simple, digital solutions that help them manage their finances efficiently, and our new business bank account, MoneySuperMarket Business Banking, responds directly to that need.

“Through our partnership with Countingup and Griffin, we’re bringing together banking, accounting and tax functionality in a single experience, helping business owners spend less time on administration and more time focused on their business.”

Phoebe Wallis, chief revenue officer at Griffin, said: “Partnering with Countingup to bring business banking to MoneySuperMarket’s customers was a natural fit. Beyond the banking and compliance infrastructure Griffin provides, it means MoneySuperMarket’s customers get an all-in-one experience – business banking, bookkeeping, and tax management in one place.”

For Countingup, the partnership marks the next stage in its growth following the launch of its own business bank accounts. Having already helped more than 100,000 small businesses manage their finances directly, the company is now making its technology and operational expertise available to trusted brands looking to expand into business banking.

MoneySuperMarket is the first organisation to launch using the model, with Countingup and Griffin planning to work with more organisations looking to embed integrated business banking into their customer experience.

Further reading: MoneySuperMarket and Capital One UK help thin file customers access credit