Via cpapracticeadvisor.com
Lunar founders raise €8.2M to launch AI-powered audit firm Repodo
Three former executives from the Danish digital bank are betting that artificial intelligence can reshape the €80 billion global audit market, starting with small businesses in Denmark.
The trio that built one of Scandinavia’s most prominent digital banks just decided auditing was ripe for disruption. Ken Villum Klausen, Peter Andreasen, and Joachim Strøjer Hansen, the former CEO, CFO, and CPO of Danish neobank Lunar, have raised €8.2 million (roughly $9.6 million) in pre-seed funding for Repodo, a startup that wants to automate the most tedious parts of the audit process using artificial intelligence.
From banking to bookkeeping
The funding round was led by Hedosophia and Seed Capital, both of which backed Lunar in earlier fundraising rounds.
Klausen stepped down as Lunar’s CEO earlier this year. Lunar itself has raised more than €500 million since its founding in 2015 and claims over one million customers.
Joining the three Lunar alumni is Anders Houmann, a professional auditor. Audit is a heavily regulated profession, and no amount of clever software can replace the legal requirement for qualified human judgment on sign-off. Repodo’s bet is that AI can handle the grunt work, like data collection, transaction analysis, and pattern matching, while licensed auditors focus on the parts that actually require expertise.
The company describes itself as “AI-native,” a distinction meant to separate it from legacy audit firms that bolt a chatbot onto existing workflows and call it innovation.
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Why auditing, and why now
The global audit market is valued at approximately €80 billion. Europe alone accounts for around €74 billion of that figure.
Repodo is initially targeting small and medium-sized enterprises in Denmark, with plans for subsequent expansion across Europe.
The competitive landscape
The Big Four accounting firms, Deloitte, PwC, EY, and KPMG, have all invested billions collectively in AI and automation tools over the past several years. But their focus tends to skew toward large enterprise clients, leaving the SME segment relatively underserved by cutting-edge technology.
Building for smaller businesses first, then expanding across Europe, mirrors the playbook Klausen and his co-founders used at Lunar, which started as a Danish challenger bank before pushing into other Nordic markets.