Swedish AI start-up Bokio raises €4m led by local investor Creandum
Free accounting software provider Bokio has raised €4 million in a funding round led by fellow Swede firm Creandum, which was an early backer of Spotify.
Bokio uses artificial intelligence (AI) to simplify bookkeeping for small businesses, sole traders and freelancers.
The round also saw participation from European financial group Svea and MD of Techstars Chris Adelsbach.
Bokio says it will use the new capital injection to “scale its business in the UK and to expand its accountancy services” which will see “more add-on services”.
Describing itself as “a digital assistant”, the fintech helps small-scale entrepreneurs with invoicing, employee expenses, reporting and VAT returns.
Already claiming to have achieved market dominance in its native Sweden, the start-up will now hone in on the UK as its next target market.
The company’s research suggests UK small businesses spend three working weeks and £5,000 each year completing tax reporting.
Founded by CEO Viktor Stensson and CTO Mikael Eliasson, the start-up aims to solve the intricacy of the current tax filing system and “modernise the accounting industry” through automation.
“Accountancy continues to be an expensive and inaccessible task for many small businesses and freelancers, and we are committed to democratising it,” says Stensson.