Cassa, an accounting software that contains elements of artificial intelligence and machine learning, attracted KPMG Romania, the local subsidiary of one of the largest audit and business consulting companies worldwide, as a lead investor in the financing round that is targeted on the equity crowdfunding platform SeedBlink.
The amount aimed at SeedBlink is 100,000 euros. Cassa has been listed on SeedBlink since October – those interested in investing in the company have this opportunity until November 26th, 2020.
The data about the transaction value and the share package taken over by KPMG are confidential.
“We believed from the beginning that our solution is extremely useful in the financial-accounting field. The trust that KPMG, a giant in this field, offers us through the selection in its acceleration program and especially through the financing as lead investor on SeedBlink confirms that we appreciated correctly and motivates us to continue”, says Cornel Fugaru, co-founder and CEO of Cassa.
The transaction came after the selection of the Cassa solution in KPMG Startup Grow Pad, an acceleration program that addresses startups with process automation activities, robotic assistance, augmented analytics, cybersecurity, intelligent and analytical applications (data). The selected startups are from industries in which KPMG also has expertise: IT, telecom, financial services, real estate, professional B2B services, consumer-trade markets, legal, compliance, and regulatory services.
“For almost 15 years, the concept of digitalization has been on everyone’s lips in the business environment. The financial-accounting field is one that needs transformation, and Cassa is an extremely useful solution especially for entrepreneurs and especially now, in a context in which automation is replacing manual labor and working online is widespread”, says René Schöb, Tax Consulting Partner, Head of Tax & Legal KPMG in Romania and coordinator of the KPMG Startup Grow Pad program.
Cassa is a Software as a Service application that orders the flow of documents smartly and simplifies communication between accountants and entrepreneurs. The application was launched in June this year by Cornel Fugaru (34 years old) and Daniel Teodoroiu (32 years old).
Digitization and thus eliminating accountants’ manual work are based on a technology of optical character recognition (OCR) that allows the transformation of scanned documents, photographs, and PDFs into editable documents. For example, the OCR system gives accountants the ability to export to their accounting software the invoices issued by the application or received through it. Regarding the communication between accountants and companies, the message flow is similar to Facebook’s feed. Thus, users can comment, like, share, or download the documents.
The platform – a B2B2B type – targets the accountants, but they have the opportunity to become resellers for their accounting clients. By the end of this year, the company’s management aims to reach 2,000 customers, and by the end of 2021 to have 15,000 users.
For the next year, the co-founders plan to expand regionally in Central and Southeastern Europe. Among the first countries targeted are Austria and Greece – in these markets, the company is mainly targeting the enterprise segment.