Fintech Startup Sumary Raises $25 Million in Seed Funding
The Copenhagen-based company has secured a record-breaking initial investment to automate the work of accountants.
A New Era for Accounting
Artificial intelligence is poised to fundamentally transform industries that have historically relied on human labour. Copenhagen-based startup Sumary, which specialises in automating accounting processes, has successfully raised $25 million. The company states that this seed round represents the largest initial funding of its kind within the European accounting software sector.
The investment round was led by Singular, with participation from existing partners including byFounders, Partech, and Tenity. The project also received backing from notable angel investors, such as the founders of Qonto, Linear, and Synthesia. Notably, Sumary had already secured $4.2 million in funding late last year, reflecting strong investor confidence in the startup.
How Sumary Works
Sumary’s platform is designed to alleviate the burden of routine, time-consuming tasks for accountants. The software automates key processes such as monthly financial closing, VAT declaration preparation, and the compilation of annual financial statements. The system integrates with a client’s existing accounting databases, while the final decision-making and sign-off remain the responsibility of a human accountant.
According to company data, firms using Sumary reduce the time required for monthly reporting by 50% and VAT declaration preparation by 75% after just three months of use. The startup maintains a research team in Copenhagen that tests AI models against real-world accounting data to determine the most effective algorithms for specific tasks.
Plans for the European Market
Sumary currently collaborates with some of the largest audit firms in Scandinavia, including Deloitte, Grant Thornton, and Baker Tilly. The founders note that the accounting sector is facing a talent shortage and constant pressure to service more clients with fewer human resources. To address this challenge, Sumary plans to expand its operations into the United Kingdom and the Benelux countries.
CEO Paskar Sivami and COO Frederik Skov are relocating to London, which will serve as the company's new commercial hub. Meanwhile, Copenhagen will remain the primary base for technological research and AI development. The startup’s goal is to enable traditional audit firms to maintain their competitiveness through AI and avoid disruption from new, tech-forward market entrants.