Denmark and US-based accounting automation tool startup raises €6.6M funding

Denmark and US-based accounting automation tool startup raises €6.6M funding

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Roger.ai, an accounting automation tool that can cut time businesses spend on day-to-day financial processes by as much as 80 per cent, has raised a million in a Series A funding round led by QED Investors, with participation from 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff, former GM of QuickBooks and TurboTax, along with other angel investors.

Originally built in Denmark with Danish founders, Roger works on top of existing accounting software to automate financial processes like bill pay, approvals, receipt scanning, compliance and bookkeeping with simple workflows anyone can set up and manage. Customers range from small to mid-sized businesses from virtually any industry to bookkeeping and major accounting firms.

Cathrine Andersen, Roger co-founder and CEO, said:

This investment will allow us to become the industry leader that helps every business avoid spending time in their accounting software, and enables accountants to spend their time advising and crunching the numbers instead of doing manual work.

Christian Rasmussen, co-founder and CTO of Roger, said:

We have built a great foundation, and this investment means we can give every customer a world-class experience even as we are growing very rapidly. We’re excited to have such a tremendous group of investors and advisors behind us as we grow.

Matt Risley, partner at QED Investors, says:

Roger is by far the most sophisticated product we’ve seen for SMB Accounts Payable. In a very short period of time, this team has built an international product and global customer base with superior technology compared to legacy fintechs – we’re excited about what’s to come from this company.

Since going to market with its accounts payable automation tool for small businesses in early 2018, Roger has quickly grown to thousands of paying customers, including more than 100 accounting partners.

Ryan Falvey, Managing Partner at Financial Venture Studio, said:

Most businesses remain poorly served by technology tools. Roger’s innovative technology empowers accountants to improve the accounting and payments experience, making payments easier and faster, while protecting against fraud. We’re thrilled to continue to support this incredible business and team.

— Press release

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