Bokio announces €7.4M investment and joins forces with competitor Red Flag
Bokio , the Gothenburg-born fintech behind an AI-driven accounting software for SMEs and self-employed, has announced it has merged with Stockholm-based competitor Red Flag. The companies will operate under the Bokio brand.
Bokio also announced a capital injection of €7.4 million from existing investors including Creandum (early backers of Spotify) and European financial group, Svea Ekonomi. The new investment brings the company’s total funding to date to €14 million.
With a combined user base of over 80,000 customers across Sweden and the UK, Bokio is now one of Europe’s leading companies for automated accounting and business administration. In addition to Bokio’s existing, free accounting software, users will gain access to an enhanced, fully-automated service for business administration, which will go under the Red Flag name.
Bokio co-founder Viktor Stensson remains in his role as CEO of the company. Red Flag’s CEO and co-founder Mikael Pawlo will be responsible for international growth and expansion.
“Red Flag’s portfolio of business administration products completes our current offering to make it easier and more enjoyable for all company owners and self-employed to run their businesses. Now combining our services into one streamlined technology platform, and with Red Flag’s skilled and entrepreneurial-minded team joining Bokio, we know that we can make a real impact. I look forward to further developing the company together. It is important to dare to do business also in turbulent times. I am very pleased to have the continued support of existing investors and delighted to see new investors such as Carl Manneh on board to join us on our journey. Mikael Pawlo and existing Red Flag investors choosing to back us as part of the merger is evident of their dedication to succeed in our joined mission.” – Viktor Stensson CEO and co-founder of Bokio.
“I rarely invest in tech startups, but I had to make an exception on this occasion. This was a golden opportunity to support a team of entrepreneurs who are building something that can improve society, and help more people start and run their own businesses. I look forward to seeing where the journey takes them next.” – Bokio investor and Mojang co-founder, Carl Manneh.
With the merger, Bokio now has 80 employees and offices in Gothenburg and Stockholm, where the former Red Flag HQ is located.