Participated · Equity · Apr 2020

Bokio offers an AI-driven accounting software platform aimed at SMEs and self-employed users, and also provides a free accounting product alongside automated business-administration services. The company has merged with Stockholm-based Red Flag and will combine all assets, people and customer contracts under the Bokio banner. Users will gain access to an enhanced, fully automated service for business administration that will operate under the Red Flag name. Bokio intends to use the funds for further product development and expansion. The combined business has a user base of over 80,000 customers across Sweden and the UK, employs 80 people, and maintains offices in Gothenburg and Stockholm. Because Red Flag operates as a payments institute, the merger requires approval by Finansinspektionen. Bokio offers an AI-driven digital assistant that helps business owners with invoicing, employee expenses, reporting and VAT returns, including automated VAT submissions to HMRC. Its platform enables users to record transactions, view automated balance and profit & loss reports, upload receipts which are auto-parsed, and generate unlimited branded invoices. The product includes smart templates, a mobile app for expense uploads, a ‘To do list’ feature for payment reminders, and a Premium tier connecting users with a real-life accountant. Bokio also offers Priority Support for £10 per month and plans to roll out additional add-on services in the UK. The company currently employs over 50 people from 12 nationalities. Founded in 2015, Bokio is based in Gothenburg, Sweden.