Bokio, a Gothenburg, Sweden-based startup simplifying accountancy with AI, raised €4M in funding.
The round was led by Creandum with participation from European financial group Svea, and an individual investment from Chris Adelsbach, Managing Director of Techstars.
The company intends to use the funds to further scale its business in the UK and to further develop its AI-based bookkeeping tool with the implementation of more add-on services.
Founded in 2015 by its CEO Viktor Stensson and CTO Mikael Eliasson, Bokio acts as a digital assistant, providing support for a wide range of administrative tasks including invoicing, employee expenses, reporting and VAT returns. Its user-friendly interface is designed so that first-time business owners can make use of the software without requiring any previous experience in accounting.
Setting up an account takes just minutes and, once registered, users can begin to access a myriad of features specifically tailored to their needs. Bokio allows users to record transactions, view automated reports of Balances and Profit & Loss, and submit automated VAT returns to HMRC. Using built-in algorithms, receipts can be uploaded and the software automatically files the amount, dates and numbers on the receipt. Smart templates also ensure transactions are recorded in the right place and with the correct VAT.
Business owners access to unlimited invoicing with an invoice generator, which allows for the creation, sending, tracking, and recording of branded and professional invoices, all centralised in one place.
Employees can upload their expenses either directly through the software or from a mobile app. These can then be approved or edited by management before repayment is rescheduled.
It also provides a ‘To do list’ feature, which shares handy prompts that remind users to pay outstanding invoices or expenses, and flags if a client has been overcharged.
Bokio’s Premium version enables users to connect with a real-life expert accountant. In addition, ‘Priority Support’ is available for £10 per month, which offers support within 24 hours (on working days). More add-on services, which are purchased directly through the website, will be rolled out in the UK in the future.
The company currently employs a team of over 50 people from 12 different nationalities.