Danish fintech startup Scaleup Finance raise record seed round to expand to the UK #
Scaleup Finance, a fintech company based in Denmark, has raised £6.4 million in the UK’s largest ever first fundraising round to bring its “digital CFO” platform there.
This funding round will help Scaleup Finance enter the UK market. Here, the company will sell its subscription-based platform for managing a business’s finances automatically.
Scaleup Finance, which was launched in 2021 and bills itself as a CFO-as-a-Service platform, claims to have over 150 clients. Reporting, budgeting, financial modelling, and accounting are all handled by the digital CFO platform in Scaleup Finance.
“Having worked with more than 500 fast-growing companies in recent years, I’ve seen the majority of them struggle to prepare realistic financial models and handle general financial management tasks, especially during their first years,” says Charlie Robinson, Managing Director of Scaleup Finance in the UK.
PROFounders Capital, a UK-based venture capital firm, was the lead investor in the latest round of investment for the Danish company. Other participants included FinVC, Clocktower VC, CircleRock Capital, and a number of angel investors.
Joe Bond, Partner at PROFounders Capital, said: “By combining its powerful financial management platform with access to a ‘bench’ of real-life CFOs, Scaleup is able to cater to the unique needs of each customer and free up time for entrepreneurs to focus on building their businesses.”
Scaleup has quickly made a name for itself in Denmark, and the company’s leaders want to grow its presence in the rest of Europe by copying how quickly it grew in Denmark. As part of its expansion into the UK, Scaleup Finance has opened an office in London and recruited a staff of 70 employees to work here.