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Ageras raises EUR 82 million for new acquisitions
‘The ones we eye reinforce our vision and goal 100%; to become market leader and then go public’
Danish-founded Ageras beats all expectations by raising EUR 82 million for new acquisitions in an oversubscribed private placement round. The round has seen participation by i.a. the Norwegian state pension fund Folketrygdfondet, American asset manager Lazard as well as Investcorp as lead on top of a 2023 in which the Danish fintech comet has become profitable.
COPENHAGEN, Denmark, May 24, 2024 /PRNewswire/ — Danish fintech Ageras, which provides accounting software to over 300,000 active European small businesses, has completed its sixth and largest investment round to date according to documents just filed with the Danish Business Authority. The round is a private placement totaling EUR 82 million and is oversubscribed with overwhelming commitments from both new and existing investors; to increase Ageras’ acquisition opportunities in an attractive European market. Amongst others, Investcorp, together with the two founders and other existing investors, has accounted for approximately 50% of the round in addition to new names such as the Norwegian state pension fund Folketrygdfondet and the American asset manager Lazard, says Ageras’ CEO, Rico Andersen, who confirms that negotiations are already underway with several potential acquisition targets:
“We want to make it easier to be a small business in an increasingly difficult administrative and regulatory landscape by offering a fully integrated platform where companies can manage their banking, accounting and tax in one financial cockpit,” says Rico Andersen.
“To deliver faster on that vision, M&A is an integral part of our strategy, where we have acquired technology and thus expanded our product faster than if we built everything from scratch. Currently, we see an attractive pipeline of potential acquisitions emerging, and the ones we eye reinforce our vision and goal 100%; to become market leader and then go public. Therefore, we have assembled a dream team of investors and are filling up the ‘war chest’ right now,” continues Rico Andersen, who reports that Ageras achieved positive EBITDA for the first time in 2023, ending the fiscal year with a record-high ARR (Annual Recurring Revenue, edt.) of EUR 41 million compared to EUR 27 million in 2022.
Has raised almost EUR 200 million
Ageras was founded in 2012 by then 19-year-old Rico Andersen and 20-year-old Martin Hegelund as Ageras.com, an online marketplace matching small businesses with accountants and bookkeepers, however, has today grown into a fintech company with approximately 250 employees and a comprehensive cloud-based software product.
With the latest record-breaking investment round, Ageras has raised a total of almost EUR 200 million, and despite the company announcing towards the end of 2023 that it did not need to raise further funds, market conditions have made it favorable for the Danish fintech to continue its acquisition hunt; to offer even more features to the growing customer base in its four core markets i.e. Denmark, Germany, France and the Netherlands. Specifically, the ambition is to increase ARR to EUR 100 million after which an IPO can potentially be considered – and amongst the new investors there is full confidence that both can be achieved within a few years:
“We remain impressed with the growth and strategic development of Ageras since our first investment in 2017. Therefore, we are excited to lead this investment round which enables more accretive M&A to expand the product offering and gain market share,” says Gilbert Kamieniecky, Head of Private Equity Europe at Investcorp.
About Ageras
Ageras was founded in 2012 by serial entrepreneurs Rico Andersen and Martin Hegelund, who together have over 25 years of experience building internet businesses. Ageras’ vision is to create success for small businesses by simplifying their administration. By integrating its solutions into a single cockpit for invoicing, accounting, payroll, banking and finance, it enables business owners to focus on running their business. Ageras started as the online marketplace Ageras.com, matching SMEs with accountants, and has grown into a company with approximately 250 employees offering a complete ecosystem of tools and services for SMEs. The company’s investors include Investcorp, Rabo Frontier Ventures (Rabobank) and Lugard Road Capital (Luxor Capital), and now also Folketrygdfondet and Investering & Tryghed. For more information, please visit www.ageras.com.
The following parties have participated in the transaction:
Existing investors: Investcorp, Roosgruppen, Back in Black and the founders Rico Andersen Invest and Hegelund Equities
New investors: Folketrygdfondet, Lazard and Investering & Tryghed
Timeline – How Ageras has evolved over the past 12 years:
2012: Ageras is founded by Rico Andersen and Martin Hegelund.
2016: Ageras is named Børsen Gazelle as one of Denmark’s fastest growing companies and wins the EY award for Entrepreneur of the Year.
2017: Investcorp acquires the majority of Ageras which also wins the Danish e-commerce award for Best B2B Company.
2019: Ageras acquires accounting software Billy.
2020: Rabobank makes a strategic investment in Ageras, achieving EUR 10 million in ARR the same year.
2021: Lugard Road Capital injects DKK 450 million into Ageras which later acquires the invoicing system Zervant and the payroll system Salary.
2022: Canadian CIBC invests EUR 35 million in Ageras which later acquires German neo-bank Kontist.
2023: Ageras becomes profitable for the first time in July 2023.
2024: Ageras receives EUR 82 million in investment from its founders, Investcorp, Folketrygdfondet, Lazard, Roosgruppen, Back in Black and Investering & Tryghed.
For further information, please contact [email protected] or telephone +45 20729972.
– Ageras A/S, 30/4724
This information was brought to you by Cision http://news.cision.com
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Martin Hegelund left og Rico Andersen right |
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Rico Andersen 4 |
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Latest News
CapitaLand Investment Further Increases Focus on Reducing Scope 3 Carbon Emissions as Part of its Decarbonisation Journey
CLI continues to intensify efforts to reduce Scope 1 and 2 emissions through on-ground actions and innovation
SINGAPORE, June 15, 2024 /PRNewswire/ — CapitaLand Investment Limited (CLI) has incorporated three new Scope 3 categories deemed material to its operations – Purchased goods and operations, Fuel- and energy-related activities, and Upstream transportation and distribution – and expanded the scope of the Capital goods category following the latest review of its full inventory of Scope 3 emissions, emissions hotspots and key decarbonisation levers across its value chain, as detailed in its 15th Global Sustainability Report. CLI also bolstered its reporting in existing categories, such as tenant consumption, enabling improved initiatives with tenants and the supply chains. The widened scope reaffirms CLI’s commitment to action on its sustainability targets and a focused execution progress charted by its 2030 Sustainability Master Plan (SMP).
Mr Vinamra Srivastava, CLI’s Chief Sustainability and Sustainable Investments Officer, said: “Tightening our focus on Scope 3 emissions is crucial because they account for the majority of CLI’s total greenhouse gas emissions. With tenant emissions being the largest contributor to Scope 3, we are pleased that we have increased green leases with tenants in China and Singapore to 57% as at end Dec 2023 from 43% a year ago, and we’ll continue to do so globally. We are stepping up collaboration with tenants and working to strengthen our supply chain management through various initiatives such as piloting sustainable building innovations crowdsourced from our global CapitaLand Sustainability X Challenge (CSXC) and deploying a series of environmental, social and governance (ESG)-related capability-building programmes for selected critical suppliers in a third-party due diligence ESG check we commissioned. In 2023, upon completion of the programme, these supply chain vendors achieved an improved ESG score. Our continuous focus on sustainability through on-the-ground actions and reporting addresses our vision of being the preferred global real asset manager creating sustainable positive impact.”
Intensified efforts to reduce Scope 1 and 2 emissions
In addition to expanding its Scope 3 emissions disclosures, the report highlights its progress in reducing its Scope 1 and 2 emissions intensity and managing climate-related risks as it strives towards its Net Zero targets. It expanded its renewable energy deployment by commissioning its first captive 21-megawatt solar power plant in Tamil Nadu, India, to power its assets there. The expanded use of green energy to 44 properties in Singapore, China, India, Australia, Belgium, Germany, India, Japan, Indonesia and the United Kingdom, as well as ten business parks in India, also mitigated a total of 41,000 tonnes of carbon emissions, equivalent to the annual emissions of over 8,900 petrol-powered cars. CLI will continue to scale up its renewable procurement efforts, further advancing its transition to clean energy sources and reducing the carbon footprint of its assets.
Through asset enhancement initiatives (AEIs), CLI achieved a 13.4% energy intensity reduction against 2019 despite a growing portfolio. With 60% of buildings in its global portfolio attaining green ratings in 2023, CLI targets to achieve 100% certification by 2030. Furthermore, 46% of CLI’s properties were certified LEED Gold and above or equivalent.
Earlier this year, CLI also published its first Climate Resilience Report based on the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The report incorporates a climate scenario analysis of 480 properties across 20 countries and various asset classes, emphasising CLI’s recognition and transparency regarding the urgency of climate action.
Innovation as a key lever in the decarbonisation journey
In 2023, CLI partnered with tenants for the first time to testbed innovations from its CSXC at their premises. CSXC has seen more pilots focusing on reducing energy and water consumption. Ten shortlisted innovations from CSXC 2023 are being piloted in four countries, bringing the total tally to 30 innovations across seven countries since 2021. Initiatives such as the CSXC and the CapitaLand Innovation Fund (CIF) demonstrate how innovation and sustainability partnerships play a key role in CLI’s decarbonisation journey.
Leadership in fund management and sustainable finance
As CLI pivots towards global real asset management, it is committed to integrating ESG considerations into every stage of its fund management lifecycle. Guided by the 2030 SMP, CLI develops customised ESG strategies that ensure funds adhere to the highest standards of responsible investing—from fund product development to capital raising, investments, asset management and exits. CLI conducts a comprehensive Environment, Health, and Safety (EHS) Impact Assessment for every new investment to ensure sufficient capital expenditure is allocated to the identified asset to attain the desired ESG outcomes.
CLI aims to be a leader in sustainable finance, which is made possible through valued strategic partnerships with financial partners. In 2023, CLI and its listed real estate investment trusts (REITs) and business trusts secured S$4.5 billion in sustainable finance, bringing the total to S$16.1 billion since 2018. Interest savings from sustainability-linked loans were channelled back into decarbonisation investments.
CLI’s carbon mitigation efforts recognised by leading global indices
Through strategic initiatives aimed at reducing its carbon footprint across its operations, implementing innovative solutions, and embracing renewable energy sources, CLI has significantly mitigated its environmental impact while enhancing operational efficiency. These proactive measures, alongside efforts taken to publish robust reports detailing actions and findings, have earned CapitaLand recognition in prestigious global sustainability indices such as the Dow Jones Sustainability World Index for the 12th year and achieved a five-star rating from GRESB Real Estate Assessment for eight years. Such inclusion underscores CLI’s dedication to environmental stewardship and reinforces its position as a frontrunner in the sustainable real asset management sector.
About CapitaLand Investment Limited (www.capitalandinvest.com)
Headquartered and listed in Singapore, CapitaLand Investment Limited (CLI) is a leading global real asset manager with a strong Asia foothold. As at 31 March 2024, CLI had S$134 billion of assets under management as well as S$100 billion of funds under management (FUM) held via six listed real estate investment trusts and business trusts, and more than 30 private vehicles across Asia Pacific, Europe and USA. Its diversified real estate asset classes cover retail, office, lodging, business parks, industrial, logistics, self-storage and data centres.
CLI aims to scale its FUM and fee-related earnings through fund management, lodging management and commercial management, and maintain effective capital management. As the investment management arm of CapitaLand Group, CLI has access to the development capabilities of and pipeline investment opportunities from CapitaLand’s development arm.
As a responsible company, CLI places sustainability at the core of what it does and has committed to achieve Net Zero carbon emissions for Scope 1 and 2 by 2050. CLI contributes to the environmental and social well-being of the communities where it operates, as it delivers long-term economic value to its stakeholders.
Follow @CapitaLand on social media
Facebook: @capitaland / facebook.com/capitaland
Instagram: @capitaland / instagram.com/capitaland
Twitter: @capitaLand / twitter.com/capitaland
LinkedIn: linkedin.com/company/capitaland-limited
YouTube: youtube.com/capitaland
Issued by: CapitaLand Investment Limited (Co. Regn.: 200308451M)
Important Notice
This announcement and the information contained herein does not constitute and is not intended to constitute an offering of any investment product to, or solicitation of, investors in any jurisdiction where such offering or solicitation would not be permitted.
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Stake, a New York-based fintech specializing in cashback and banking services for renters, has acquired rent payments platform Circa for $9.5 million in a combination of cash and stock.
Finalized earlier this month, the acquisition integrates rent incentives with comprehensive payment solutions, enabling Stake to introduce integrated delinquency and collections management through its Get Current feature.
Get Current, described as a pioneering solution in the industry, is a flexible payment system supported by a human-led CRM. It aims to “empower and incentivize” renters to pay overdue rent.
Additionally, Circa’s payment technology has been incorporated into Stake’s renter banking services platform. This enhancement allows renters to utilize a “wide range of payment methods,” including no-fee ACH, debit/credit cards, and a no-fee cash rent payment network with 40,000 locations across the US.
Founded in 2018, Stake claims to integrate seamlessly with “all the leading property management software companies” and offers the rental sector a comprehensive suite of solutions for renewals, delinquency, leasing, and now collections.
Stake’s platform provides several benefits, including cashback for on-time rent payments, early access to paychecks without accruing debt, credit building and reporting, and no-fee rent payments.
Commenting on the merger, Leslie Hyman, CEO and co-founder of Circa, said: “With Stake, renters are rewarded with Cash Back. With Circa, renters in arrears are empowered with the tools to get current.
“Together, it’s a perfect combination: performance payments meet performance rewards, with a shared mission to empower renters.”
Source: fintechfutures.com
The post US rental fintech Stake acquires Circa in $9.5m deal appeared first on HIPTHER Alerts.
The Central Bank of Kenya (CBK) is updating the country’s payment systems law to enable it to issue operating licenses to fintech startups. Governor Kamau Thugge anticipates completing the amendment process soon.
Central Bank Aims to Support Fintech Startups
The CBK will soon start issuing operating licenses to fintech startups, including two Nigerian payment firms, Chipper Cash and Flutterwave, which are currently seeking licenses. Governor Kamau Thugge announced that the bank is amending the National Payment Systems Act of 2011 to allow fintech firms to operate legally.
According to a Techcabal report, the issuance of these licenses would be a significant boon for remittance firms and payment providers, which have previously faced investigations and raids by regulators. For instance, the Nigerian fintech giant Flutterwave had its bank accounts frozen by the Asset Recovery Agency after the then-CBK Governor Patrick Njoroge accused it of operating in Kenya without a license.
As a result, on July 9, 2022, the CBK issued a letter to CEOs of Kenyan financial institutions advising against transacting with Flutterwave and another Nigerian fintech startup, Chipper Cash. However, the CBK has since softened its stance, and authorities are now working to accommodate fintech firms.
“We are in the process of updating and amending the Payments Act, essentially creating a new act. We hope to finish this soon, along with the regulations, which will guide our approach to the payment service providers space,” Governor Thugge stated.
The report explains that the proposed amendments to the National Payment Systems Act aim to address a loophole that has hindered the growth of Kenya’s fintech sector. If enacted, these changes would enable fintech startups to compete with traditional financial institutions that currently dominate the industry.
Source: news.bitcoin.com
The post Kenyan Central Bank to Issue Licenses to Fintech Firms appeared first on HIPTHER Alerts.
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