Ageras has secured €35m in growth capital financing from CIBC Innovation Banking to continue its expansion.
According to FinTech Finance, the funding will be used to expand its strategic acquisitions pipeline and expand its suite of software tailored to the demands of small businesses.
While the company originally launched as a marketplace for small business owners to find accountants, Ageras now offers a wide ranging product line including SME banking, invoicing, accounting and payroll software. The firm claims it is trusted by over 100,000 customers.
Ageras highlighted that it is also backed by Investcorp, Rabo Frontier Ventures and Lugard Road Capital amongst others.
Ageras co-founder and CEO Rico Andersen said, “CIBC Innovation Banking’s investment will help us focus on the mission: acquiring companies whose tech can fit into—and enrich—Ageras’ one-and-done financial cockpit for small businesses. In the last year, we’ve acquired and added three companies to our product offering.
“Now, with CIBC Innovation Banking’s €35m investment, we’ll look to buy more, especially companies that have developed best-in-class products that either cement our position in one market or add mission-critical features that we can offer to all existing customers.”
This deal spins the company out from the Central Bank of Kansas City and will support its growth trajectory.
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