Danish fintech Ageras says hitting profit "huge milestone"

Danish accounting software fintech Ageras says it is a “huge milestone” hitting its first full-year profit as it gears up for a potential IPO.

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

The fintech has reported revenues of €31.7m in the year ending December 2023, on a profit of €1.2m.

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 around 2.5 years.

It hit profit through top-line growth, keeping costs flat and a “tiny restructuring”, he said.

Ageras, which recently raised €82m, is on the acquisition hunt, looking to carry out one or two acquisitions before a planned IPO in 2026.

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

Ageras integrates its solutions into a single cockpit for invoicing, accounting, payroll, banking and finance, enabling business owners to focus on running their business. 

Any future fundraises, Andersen, said, would be for further M&A activity.

On its planned IPO, Andersen said "I think we want to be a little bit clear about it to the market”, pointing out that its last investment round was a pre-IPO round, with its cap table investors likely expecting an IPO.

But he said the IPO would be dependent on market conditions and the business hitting certain milestones.