Swedish bookkeeping platform Bokio has secured €4m in its funding round to support the creation of additional AI-powered tools.
Venture capital firm Creandum led the round, with support also coming from financial group Svea and Techstars managing director Chris Adelsbach.
Earlier in the year, Bokio launched its services in the UK and the fresh funds will enable it to scale operations across the country. The FinTech will also use the funds to build additional functions for its platform.
Bokio serves as a digital assistant, supplying finance teams with support for administrative tasks such as invoicing, employee expenses, reporting and VAT returns. Its goal is to ease financial and time burdens on finance teams. Research from the Federation of Small Businesses recently claimed UK small businesses spend around three weeks and £5,000 each year for their tax reporting processes.
Bokio CEO and co-founder Viktor Stensson said, “Accountancy continues to be an expensive and inaccessible task for many small businesses and freelancers, and we are committed to democratising it by providing a simple, yet powerful, free-to-use service, with genuinely useful add-on services providing users with even more control and support.
“After achieving market dominance in our native Sweden, we are now focused on scaling our business up in the UK, where we have already seen a huge demand for our tool since launching earlier in 2019.”
Earlier in the year, Creandum supported the €10m funding round of mobile-based broker platform Trade Republic Bank. The platform was only launched at the beginning of 2019 and lets consumers get involved with capital markets through their smartphones.
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