Sumary secures €22 million for European accounting AI expansion
“Accounting firms are being asked to do more with fewer people,” said Pascar Sivam, co-founder and CEO of Sumary, regarding the industry’s current labor pressures.
The Copenhagen-based startup has raised €22 million ($25 million) in a seed round to accelerate growth across Europe, eu-startups.com.
The funding round, which eu-startups.com reports is likely Europe’s largest seed round for accounting software, was led by Singular. Other participants included existing investors byFounders, Partech, and Tenity, alongside several angel investors such as Steve Anavi of Qonto and Steffen Tjerrild of Synthesia.
This investment follows a €3.7 million pre-seed round completed less than a year ago. Sumary, founded in 2025, provides an AI platform designed to automate workflows, verify transactions, and convert data into actionable answers for finance teams.
AI investment surges in European fintech
Sumary's capital injection arrives as companies across the continent invest heavily in AI-driven financial automation. Total funding for various European AI accounting and finance automation startups recently reached approximately €86.5 million.
The following table details recent funding rounds in the sector:
| Company | Location | Amount Raised |
|---|---|---|
| Sumary | Denmark | €22 million |
| Stacks | United Kingdom | €19 million |
| Integral | Germany | €18 million |
| Kabilio | Spain | €10 million |
| mika | Germany | €6 million |
| Tallia | United Kingdom | €4 million |
| Zalos | United Kingdom | €3.1 million |
| Plinto | Denmark | €2.9 million |
| Dytto | Belgium | €1.5 million |
Efficiency gains for major accounting firms
Sumary currently works with the majority of the 20 largest accounting firms in the Nordics, including Deloitte, Grant Thornton, and Baker Tilly. The company aims to address industry-wide talent shortages and the manual nature of a sector that generates an estimated €133 billion in annual fees in Europe.
The platform’s impact on productivity has been documented by its users. After three months of implementation, accounting firms reported spending 50% less time on monthly closes and 75% less time on VAT returns. Mads Fauerskov, a partner at Deloitte, described the company’s AI and accounting workflows as a “superpower every accountant deserves.”
London becomes commercial hub for growth
The company plans to use the new capital to expand its reach into the UK and Benelux regions. While Denmark will remain the primary center for technology and AI research, London is being established as the firm’s commercial hub.
To facilitate this transition, co-founders Pascar Sivam and Frederik Skov Wacher are relocating to London to lead the next phase of UK growth. The founding team includes Pascar Sivam (CEO), Bastian Schneider (Chief Bookkeeper), Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist) and Frederik Skov Wacher (COO).
“We believe Sumary has what it takes to become the defining AI platform for accounting in Europe,” said Jeremy Uzan, General Partner at Singular.
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