The Nordic tech companies Froda and Ageras have entered into a strategic partnership. Froda is one of Sweden's fastest-growing fintechs and has helped more than 50,000 businesses get access to financing. Ageras is a leading provider of software for banking, accounting, and administration with +300,000 SME customers across Europe, who now will get access to financing through Froda Embedded. The partnership is a part of Froda's international expansion and growth journey.
– Our vision from the outset has been to help as many small business owners as possible access financing. Through our partnership with Ageras, we can support even more small businesses in Europe with financing, says Olle Lundin, CEO and co-founder of Froda.
In Europe, small and medium-sized enterprises (SMEs) make up 99 percent of all businesses, employ 100 million people, and contribute to over half of Europe's GDP. Despite this, access to financing is one of the biggest obstacles for small business owners in Europe that want to grow their business. Solutions that make financing accessible to small business owners are therefore crucial for Europe's growth.
– Together with Froda, we can scale up our business financing offering and provide our customers with an even broader range of financial services, says Martin Hegelund, co-founder of Ageras and continues:
– Our surveys show that 68 percent of small businesses are looking for financing, but most are unable to obtain it via traditional banks. With Froda, we enabled access to ‘smart’ funding by letting our customers use their own financial, banking and accounting data to get a credit approval in seconds.
Ageras is a leading provider of software for banking, accounting, and administration for small businesses in Europe. The company has more than 300,000 active customers using its products such as Billy, Zervant and Kontist. The partnership with Froda enables Ageras to expand its business financing offering.
– Our Embedded platform makes it easy for other fintech companies to expand internationally and scale their operations. The partnership with Ageras marks an exciting new phase for us, says Stella Snickare, VP of Froda Embedded.
Froda Embedded was launched in 2021 and has been a success story since its inception, contributing significantly to Froda's growth. Over the past year, the business area has grown by 100 percent, increased the number of partners from three to nine, and expanded from three to five markets. Through the partnership with Ageras, the reach is further expanded, and Froda will be able to reach and assist more European small businesses with financing.
About Froda
Froda was founded with a clear mission – to revolutionize the banking experience for entrepreneurs by making it easy and affordable for them to invest in their ideas. By digitizing the process, being data-driven, and applying machine learning, we can not only be faster than traditional banks but also more objective, precise, and fair in our assessments. Today, we are one of Sweden’s fastest-growing fintech companies with significant international expansion plans. Since the start, we have helped more than 50,000 businesses grow, and through Froda Embedded, we have made it possible for partners to connect to our technologically advanced financing platform to offer financing to their customers.
About Ageras
Ageras is a banking and accounting platform for small business owners. Its one-stop platform integrates its solutions into a single financial hub for invoicing, accounting, payroll, and banking, enabling small business owners and entrepreneurs to focus on running their businesses. The 250-person company was founded in Denmark in 2012 and now services +300,000 small businesses across Europe.
Posted
November 6, 2023
