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Startups·2 min read

Sumary raises €22 million Seed to bring AI accounting to Europe

Copenhagen-based Sumary has raised €22 million in what is reportedly Europe's largest accounting software Seed round, led by Singular, to expand in the UK and Europe.

Accountants reviewing financial dashboards on a laptop in a modern Copenhagen office, illustrating AI-driven accounting automation.
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Sumary, a Copenhagen-based AI platform for accounting firms, has raised €22 million ($25 million) to expand across Europe. The round is reportedly the largest Seed round ever for accounting software in Europe.

Singular led the financing, with existing investors byFounders, Partech and Tenity taking part, along with angels including Steve Anavi (Qonto), Tuomas Artman (Linear), Stanislas Polu (Dust) and Steffen Tjerrild (Synthesia). It arrives less than a year after Sumary's €3.7 million ($4.2 million) pre-Seed.

What Sumary does

Founded in 2025, Sumary automates workflows, verifies transactions and turns financial data into answers for accounting firms and finance teams. It works with the majority of the 20 largest accounting firms in the Nordics, and its customers include Deloitte, Grant Thornton and Baker Tilly. According to the company, firms report spending 50% less time on a monthly close and 75% less on a VAT return after three months of use.

The founders are former McKinsey consultants Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper), joined by Lucas Rantzau, Frederik Hvilshøj and Frederik Skov Wacher.

Sumary estimates that Europe's accounting firms earn about €133 billion in annual fees, yet much of the work is still manual. Talent shortages and pressure to serve more clients without adding headcount are making automation more urgent, while AI-native accounting firms are starting to compete with established practices.

Expansion plans

The money will fund growth across Europe. London becomes the commercial hub, while Denmark remains the centre of technology and AI research. Sivam and Skov Wacher are moving to London to lead UK growth, and the company will then expand into the Benelux region.

The deal is part of a busy year for AI accounting in Europe. Rounds this year include Kabilio (€10 million), Integral (€18 million), mika (€6 million), Tallia (€4 million) and Dytto (€1.5 million), plus Stacks and Zalos in finance automation. Together with Sumary, the group totals roughly €86.5 million.

Singular's Jeremy Uzan said Sumary has what it takes to become the defining AI platform for accounting in Europe.

Apps worth a look

SUMO: the number puzzle

Tap the right tiles, add them up, hit the target. Easy to learn, hard to master. Free, for all ages.

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