The money was invested by general investment fund Lugard Road Capital, and it will help the company acquire more B2B companies, along with beginning to build banking services directly into its current offerings.
It will help with the furthering of Agenas’ fully integrated, on-demand ecosystem, which the release says works to bring together talent sourcing and digital accounting services, along with bank services. It will offer clients a “one-stop shop” dashboard to help with things like time-tracking, invoicing, live on-demand P&Ls, cash flows and a myriad of banking solutions, according to the release.
Agenas has been backed by Investcorp Technology Partners (ITP) since 2017, the release says, and ITP will continue as majority shareholders from this point. The company may use this to get to an initial public offering (IPO) eventually, the release says.
“By 2023, we’ll be well-positioned as a data-driven, one-stop solution for SMEs and will have our sights set on subsequent acquisitions,” said Rico Andersen, co-founder and Group CEO. “Therefore, we will be investing our cash injection to continue growing our marketplace globally and acquiring businesses that eliminate the administrative burden of running a business, so owners can focus on growing and developing their businesses instead of maintenance.”
Kapil Rana, president of small business cloud accounting platform HostBooks, spoke with PYMNTS recently about the potential for combined SMB accounting services. He said data integration would likely continue for the foreseeable future as accounting services can coexist with other back-office programs.
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While the differences between businesses mean there is no single specific solution for every functionality need, data integration has the ability to simplify the practices of making invoices, accepting payments and uploading financial books, according to Rana.
