Sumary Raises €22 Million Seed to Automate Accounting Across Europe

Danish AI accounting platform Sumary has raised €22 million ($25 million) in what is reportedly Europe's largest accounting software Seed round. Singular led the financing, with participation from existing investors byFounders, Partech and Tenity, plus angels including Steve Anavi (Qonto), Tuomas Artman (Linear), Stanislas Polu (Dust), Steffen Tjerrild (Synthesia), Jannick Malling (Public.com) and Ben Freeman (Omnea).

The round lands less than a year after Sumary's €3.7 million ($4.2 million) pre-Seed — a near-sixfold step up in capital in under twelve months. The company plans to spend it accelerating growth across Europe, with London becoming its commercial hub and Denmark remaining the centre of its technology and AI research. Co-founders Pascar Sivam and Frederik Skov Wacher are relocating to London to lead UK growth, while the company also expands into Europe starting with Benelux.

What does the software actually do?

Founded in 2025 and headquartered in Copenhagen, Sumary describes itself as an AI operating system for accounting work. The platform automates workflows, verifies transactions and turns data into answers. It already works with the majority of the Nordics' 20 largest accounting firms; customers include Deloitte, Grant Thornton and Baker Tilly.

The company reports measurable results: after three months on Sumary, accounting firms say they spend 50% less time on a monthly close and 75% less on a VAT return. Those figures come from Sumary itself, not an independent audit — worth remembering when a Seed-stage company quotes adoption metrics. Mads Fauerskov, Partner at Deloitte, offers a customer's verdict: "Sumary's AI and accounting workflows are a superpower every accountant deserves."

Sivam, co-founder and CEO, frames the problem in staffing terms: "Accounting firms are being asked to do more with fewer people. Software has to take on the preparation properly, so accountants can give their time to the people who depend on them: their clients and their own teams. That is what we have built. This round lets us bring that to firms across the UK and Europe much faster."

How big is the market claim?

According to Sumary, Europe's accounting firms generate an estimated €133 billion in annual fees, yet much of the industry's work remains manual. The company argues that talent shortages and pressure to serve more clients without proportional headcount growth make AI-enabled operations urgent.

The pressure is set to intensify: a new wave of AI-native accounting firms is emerging to compete directly with established practices. Sumary's bet is to partner with forward-thinking firms that want to lead the transformation, positioning itself as the operational layer behind more efficient, advisory-led businesses.

Who is behind the company?

Sumary was founded by former McKinsey consultants Pascar Sivam (CEO) and Bastian Schneider (Chief Bookkeeper), alongside Lucas Rantzau (CPTO), Frederik Hvilshøj (Chief Scientist, previously Lead ML Engineer at Encord) and Frederik Skov Wacher (COO).

Jeremy Uzan, General Partner at Singular, said: "Sumary has one of the strongest founding teams we have seen in Europe at this stage and their commercial momentum is exceptional. They have combined deep AI research capabilities with an understanding of how accounting firms operate and are already winning the trust of some of the industry's largest players. We believe Sumary has what it takes to become the defining AI platform for accounting in Europe." Investor praise at Seed stage is routine; the delivery on it is not guaranteed.

Is the wider funding wave real?

Sumary's round caps a year of European investment in AI-powered accounting and financial automation. Comparable 2026 deals include:

• Kabilio (Spain): €10 million for AI agents for accounting firms, with a client base nearing 500 firms
• Integral (Germany): €18 million for AI-run accounting, tax and payroll services
• mika (Germany): €6 million as an AI-native alternative to traditional tax firms
• Tallia (UK): €4 million for AI-powered research and review for tax firms
• Dytto (Belgium): €1.5 million pre-Seed for an AI accounting assistant
• Plinto (Denmark): €2.9 million for automated financial controls
• Stacks (UK): €19 million for reporting and month-end workflow automation
• Zalos (UK): €3.1 million for AI agents in enterprise finance workflows

Together with Sumary's investment, these rounds total approximately €86.5 million in 2026 funding — meaning Sumary alone accounts for roughly a quarter of the sector's disclosed capital this year. That concentration raises the stakes: if the AI-accounting thesis holds, Sumary has the balance sheet to lead it; if it falters, the largest single bet is exposed.