CIBC Innovation Banking provides €35m in growth capital financing to Ageras

By Joy Dumasia

CIBC Innovation Banking announced that it had provided €35 million in growth capital financing to Ageras to accelerate the Copenhagen-based company’s strategic acquisitions pipeline and to expand its suite of software tailored to the demands of small businesses.

“CIBC Innovation Banking’s investment will help us focus on the mission: acquiring companies whose tech can fit into—and enrich—Ageras’ one-and-done financial cockpit for small businesses,” said Ageras Co-founder and CEO Rico Andersen. “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.”

After first launching in 2012 as a marketplace for small business owners to find accountants, Ageras has expanded far beyond, venturing into the $420 billion market for financial tech with its suite of software. Something like a financial cockpit for small businesses, Ageras’ product line includes SME banking, accounting, invoicing, and payroll software trusted by over 100,000 paying customers.

“We are delighted to be supporting Ageras as they evolve and acquire,” said Sean Duffy, Managing Director of CIBC Innovation Banking’s London, UK office. “Their transformation of professional accounting services has led them to become a leader in the industry attracting new clients every day. CIBC is proud to be involved in Ageras’ exciting journey ahead.”

IBS Intelligence reported that Ageras Group, a provider of financial and accounting software that powers small businesses across Europe and North America, announced that it had acquired Kontist, a Berlin-based neo-bank focused on the complex accounting and banking needs of Germany’s growing populations of microbusinesses and self-employed workers.