Sumary, an artificial intelligence-driven accounting platform built to handle bookkeeping, financial reporting and compliance automation, is backing its European expansion with a $25 million seed funding round. The Copenhagen startup, which helps accounting firms cut manual labour and redirect resources toward advisory work, drew the investment from lead backer Singular alongside returning investors byFounders, Partech and Tenity.
The funding round also included participation from a roster of angel investors: Steve Anavi from Qonto, Tuomas Artman of Linear, Stanislas Polu from Dust, Steffen Tjerrild at Synthesia, Jannick Malling from Public.com and Ben Freeman of Omnea. This capital injection arrives less than a year after Sumary closed a $4.2 million pre-seed round.
Sumary was founded by Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper), both former McKinsey consultants, joined by Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist) and Frederik Skov Wacher (COO). The team has built an AI-powered operating system that streamlines accounting workflows and enables firms to run leaner operations.
Addressing Europe's accounting bottleneck
Across the continent, accounting practices remain tethered to labour-intensive manual workflows while grappling with talent scarcity and mounting pressure to serve larger client bases without expanding headcount proportionally. The rise of AI-native accounting startups has intensified competitive pressure on traditional firms, making operational automation increasingly urgent.
Sumary tackles these pain points by automating routine accounting tasks: monthly financial closes, VAT filings and year-end procedures. The platform integrates with existing accounting systems, preparing work for accountants to review and sign off on, preserving human judgment in the process.
Firms deploying Sumary have reported cutting the time spent on monthly closes by half and reducing VAT return preparation by 75 per cent within three months, according to company data. By handling repetitive compliance and bookkeeping chores, the platform frees accountants to focus on client strategy, financial analysis and advisory services.
AI research and market traction
A research team based in Copenhagen has engineered a proprietary benchmark for testing AI models against real accounting scenarios. This framework lets Sumary measure model performance, validate results and trial new AI systems before rolling them out to customer workflows.
The startup already counts the majority of the Nordic region's 20 largest accounting firms as customers and has signed deals with major UK practices including Deloitte, Grant Thornton and Baker Tilly.
We want to offer existing accounting firms the chance to deliver customer value that is as good as, if not better than, these new entrants, by adopting AI quickly across their operations. With the right technology, they can lead this transformation rather than be disrupted by it.
Pascar Sivam, co-founder and CEO of Sumary
European expansion roadmap
The fresh capital will fuel Sumary's push into new European markets, beginning with the Benelux countries. The company plans to establish London as its commercial headquarters while maintaining Copenhagen as the hub for technology development and AI research.
Source: Tech.eu
