CIBC Innovation Banking has provided €35 million in growth capital to Ageras to boost the Copenhagen-based fintech's acquisition efforts as it seeks to expand its financial "cockpit" for SMEs.
Launched in 2012 as a marketplace for small business owners to find accountants, Ageras has expanded to offer a suite of software covering SME banking, accounting, invoicing, and payroll software.
With over 100,000 paying customers in Europe and the US, the company is now set to use its new funding to make acquisitions that can build out its offering.
Rico Andersen, CEO, Ageras, says: "In the last year, we’ve acquired and added three companies to our product offering. Now, with CIBC Innovation Banking’s €35m investment, we’ll look to buy more, especially companies that have developed best-in-class products that either cement our position in one market or add mission-critical features that we can offer to all existing customers."