DataSnipper raises $100 million to grow AI for accountants

DataSnipper raises $100 million to grow AI for accountants
DataSnipper raises $100 million to grow AI for accountants
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The American investor Index Ventures is investing one hundred million dollars in the Amsterdam software company DataSnipper, which specializes in software for accountants. DataSnipper wants to automate a larger part of the work of accountants.

This is reported by the FD, among others. DataSnipper was founded in 2017 and focuses specifically on the accounting sector. The three founders set up DataSnipper at the time as a platform that can quickly enter data from other documents into Excel; in many cases automatically on the basis of artificial intelligence.

Depart accountants

Too many accountants are leaving the profession due to the workload and the growing amount of data to be audited, according to DataSnipper CEO Vidya Peters. “One in five accountants quits their job every year. Of those who quit last year, 82 percent have six years or more experience.”

DataSnipper claims that it can automate up to ninety percent of tasks. The ambition is to ensure that auditors and finance professionals can focus their expertise primarily on strategy and risk assessment.

The company works for large accounting firms such as Deloitte, KPMG, EY, PwC and Grant Thornton, but also for Swapfiets, for example.

Unicorn

With the investment from Index Ventures, DataSnipper received a valuation of one billion dollars, making it the first ‘unicorn’ since 2022, according to the FD. The Netherlands now has 31 such unicorns, according to data from data organization Dealroom. The ambition is to also use the capital raised in other markets, such as services to tax specialists and internal accountants, reports the FD.

The platform’s turnover has doubled annually since its founding in 2017. It now employs 140 people and that number is expected to double this year. In addition to its head office in Amsterdam, DataSnipper now also has offices in New York, Mexico and Malaysia.

The article is in Dutch

Tags: DataSnipper raises million grow accountants

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