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Ageras Group to launch digital business bank in Denmark following funding round

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Ageras Group to launch digital business bank in Denmark following funding round

Ageras Group, a Denmark-based provider of accountancy software, plans to launch a new digital bank for small businesses after raising 450 million kroner in its latest funding round, Børsen reported Feb. 22.

The company, which currently offers a marketplace for SMEs to find the right accountant, bookkeeper or lawyer, wants to also offer banking services such as overdrafts, credit cards and payments. Ageras has 340,000 users today, according to the report.

Ageras said it had applied for a banking license and hopes to obtain authorization from the Danish financial regulator to operate as a digital bank by year-end. The announcement follows an investment from the American venture capital firm Lugard Road Capital, bringing Ageras' valuation to about 1.5 billion kroner, Børsen wrote.

As of Feb. 22, US$1 was equivalent to 6.12 Danish kroner.