Amsterdam-based Tellow becomes a ‘neobank’: Know more

Amsterdam-based Tellow, an entity under the umbrella Ageras Group, announced on Wednesday that it has now become a “neobank”. Tellow offers an automated accounting programme for micro-businesses and freelancers.

Neobanks, also referred to as “challenger banks”, are fintech companies that provide applications, software, and other technologies to simplify mobile and internet banking.

According to CEO Thomas Vles, Tellow will become the first neobank bookkeeping software, integrating banking, administration and taxes in the Netherlands.

What next?

The company says that the first bank accounts (IBANs) and payment cards will be made available to micro businesses, independent contractors, and freelancers in the Netherlands next year.

The company says, “Offering accounts and cards is not only a logical step in our vision to become a one-stop shop for small businesses. It is also an important step to further automate bookkeeping and make administration and taxes easier for business owners and their bookkeepers.”

Additionally, Tellow also has plans to fill a number of development roles in the upcoming weeks.

Brief about Ageras Group

Ageras Group was founded in 2012 and strives to help small businesses succeed by streamlining their administrative processes. It does that by combining its solutions into a single “cockpit” for billing, accounting, payroll, and finance, allowing business owners to concentrate on managing their enterprises. 

The company began as the online marketplace, Ageras.com, matching SMEs with accountants, and has expanded into a 250-person company offering a suite of tools and services for SMEs. Currently, the group offers cloud-based accounting software through its products Zervant, Billy, and Tellow, and a payroll software Salary.

Tellow offers an automated accounting programme specially designed for micro-businesses and freelancers. It helps users to control their own records at all times, by making their accounts understandable. Users can use the Tellow app to send quotes and invoices and keep track of their finances. They can also scan their receipts and invoices, after which they can submit each quarter in the VAT return to the tax authorities in one click.

Recent funding rounds

Earlier this month, Ageras Group raised €35M in growth funding from CIBC Innovation Banking to fuel its acquisitions pipeline as well as to expand its suite of software tailored to small businesses.

In February 2022, the company secured €30M from a group of European and American investors to accelerate the expansion of its software and accounting marketplace. Additionally, Ageras Group’s founders had also announced plans to expand their services in Scandinavia, Germany, France, and the UK.

In February 2021, Ageras raised €60.2M in growth capital from New York-based technology fund Lugard Road Capital. The funding allowed the company to develop its accounting app Tellow and hire its new CEO.