CIBC Innovation Banking invests €35m in SME-focused fintech Ageras
CIBC Innovation Banking has announced it is providing €35 million in growth capital financing to SME-focused fintech Ageras.
CIBC’s investment arm pours €35m into Danish fintech Ageras
The funding will support Copenhagen-based Ageras’ future strategic acquisitions and the expansion of its software suite. The company has already made three acquisitions in the last year.
Co-founder and CEO Rico Andersen says “with CIBC Innovation Banking’s €35 million investment, we’ll look to buy more”, with a focus on companies “that either cement our position in one market or add mission-critical features that we can offer to all existing customers”.
Ageras is also backed by Investcorp, Rabo Frontier Ventures (Rabobank) and Lugard Road Capital (Luxor Capital), among others. In February, it closed a €30 million funding round raised from a group of European and American investors.
Ageras launched in 2012 as a platform connecting small businesses to accountants. The fintech bills itself as a “financial cockpit for small businesses”, providing SME banking, accounting, invoicing and payroll software to more than one million customers across Europe and the US.
CIBC Innovation Banking delivers strategic advice, cash management and funding to companies across North America, the UK and select European countries, from start-ups to those listed publicly.
