Danish fintech Ageras says reaching profits is a ‘huge achievement’

Danish fintech accounting software Ageras says it is a “huge milestone” to hit its first annual profit as it prepares for a potential IPO.

Ageras provides accounting software to over 300,000 small European businesses.

The fintech recorded revenues of €31.7 million in the year ending December 2023, with a profit of €1.2 million.

The profit marks its first full year of profit, and CEO Rico Andersen said it represents a “huge milestone” and something Ageras has been “fighting for” for about 2.5 years.

It achieved profits through revenue growth, keeping costs stable and a “little restructuring,” he said.

Ageras, which recently raised 82 million eurosis on the hunt for acquisitions, looking to make an acquisition or two before a planned IPO in 2026.

New acquisitions would come in the core markets of Denmark, the Netherlands, Germany or France and would be complementary to the core accounting software business, Andersen said.

Ageras integrates its solutions into a single control panel for invoicing, accounting, payroll, banking and financial services, allowing entrepreneurs to focus on managing their business.

Any future fundraising, Andersen said, will be earmarked for further merger and acquisition activity.

Regarding the planned IPO, Andersen said: “I think we want to be a little clear to the market,” noting that its latest investment round was a pre-IPO round, with cap table investors likely expecting a ‘IPO.

But he said the IPO would depend on market conditions and whether the company reaches certain milestones.

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