Sumary lands €22 million to automate accounting workflows as it sets sights on European expansion
Sumary, a Copenhagen-based AI platform for accounting firms and finance teams, has raised €22 million ($25 million) in what is reportedly the largest Seed round for accounting software in Europe. Singular led the round, with existing investors byFounders, Partech and Tenity and a group of angel investors from companies such as Qonto, Linear, Dust, Synthesia, Public.com and Omnea also taking part. It comes less than a year after a €3.7 million pre-Seed.
Founded in 2025, Sumary automates workflows, verifies transactions and turns data into answers. It works with most of the 20 largest accounting firms in the Nordics, and its customers include Deloitte, Grant Thornton and Baker Tilly. The founders are former McKinsey consultants Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper), together with Lucas Rantzau, Frederik Hvilshøj and Frederik Skov Wacher. After three months on the platform, firms report spending 50% less time on a monthly close and 75% less on a VAT return.
Sumary says Europe's accounting firms earn an estimated €133 billion in annual fees, yet much of the work is still manual. Firms face talent shortages and pressure to serve more clients without adding staff, and a new wave of AI-native accounting firms is about to compete with established practices. Sumary expects AI to take over repetitive bookkeeping and compliance tasks so accountants can spend more time advising clients. It is partnering with firms that want to lead this shift.
The money will fund expansion across Europe. London becomes the commercial hub, while Denmark stays the centre for technology and AI research. Sivam and Skov Wacher are relocating to London to lead UK growth, and the company will then move into Europe, starting with Benelux.
The round is one of several European AI accounting and finance automation deals in 2026, including Kabilio (€10 million), Integral (€18 million), Stacks (€19 million) and Denmark's Plinto (€2.9 million). Together with Sumary's round, the article puts the total at roughly €86.5 million.