The co-founders of Danish challenger bank Lunar have launched an AI audit startup, which has secured over €8 million in pre-seed funding. Called Repodo, it has four co-founders in total, including the three co-founders of Lunar, the challenger bank which has raised over €500m in funding and has over one million customers and from which the three have left their executive roles.
It is co-founded by Ken Villum Klausen, Lunar's former CEO, Peter Andreasen, Lunar’s former chief finance officer and Joachim Strøjer Hansen, Lunar’s former chief product officer. The fourth co-founder is Anders Houmann, a professional auditor.
The €8.2m pre-seed round in Repodo, which is launching in Denmark, is led by Hedosophia and Seed Capital, which backed Lunar, along with "prominent investors".
Repodo aims to reduce the manual work involved for both businesses and auditors, creating a “faster, lower-friction and more affordable audit experience”. It has built AI into its tech from the outset, it says, which is used to automate repetitive parts of the audit process, including data collection, reconciliations, documentation and transaction analysis. Qualified auditors retain responsibility for professional judgement, oversight and final sign-off, the startup said.
Repodo will focus on small and medium-sized businesses and plans to expand across European markets, beyond Denmark. It says the audit market is worth €80bn globally.
Klausen, who stood down as Lunar CEO earlier this year, said: “Audit is still built around an operating model that depends heavily on manual work. AI gives us the opportunity to redesign that model from the ground up - not by removing auditors, but by allowing technology to handle more of the repetitive processing and giving auditors more time to focus on judgement, risk and the issues where their expertise really matters."
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