The Nordic tech companies Froda and Ageras have entered a strategic collaboration. Froda has helped more than 50,000 businesses get access to financing. Ageras is a provider of software for banking, accounting, and administration with +300,000 SME customers across Europe, who will now get access to financing through Froda Embedded. The partnership is a part of Froda's international expansion and growth journey.
Officials from Froda said their vision from the outset has been to help as many small business owners as possible access financing. Through their partnership with Ageras, they can support even more small businesses in Europe with financing.
In Europe, small and medium-sized enterprises (SMEs) make up 99% 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.
Speaking in this, representatives from Ageras said that together with Froda, they can scale up their business financing offering and provide their customers with an even broader range of financial services. Their surveys show that 68% of small businesses are looking for financing, but most are unable to obtain it via traditional banks. With Froda, they enabled access to ‘smart’ funding by letting customers use their own financial, banking, and accounting data to get a credit approval in seconds.
Ageras is a 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.
Froda’s officials added that their 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 them.
Froda Embedded was launched in 2021 and has been a success story since its inception, contributing significantly to Froda's growth. Since the beginning of 2023, the business area has grown by 100%, 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.
Froda was founded with a clear mission – to revolutionise the banking experience for entrepreneurs by making it easy and affordable for them to invest in their ideas. By digitising the process, being data-driven, and applying machine learning, they can not only be faster than traditional banks but also more objective, precise, and fair in their assessments.
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 company was founded in Denmark in 2012 and now services +300,000 small businesses across Europe.
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