Roger.Ai is designed to help small and mid-sized businesses gather and scan invoices and receipts, eliminate manual data entry using machine …
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AI-driven AP provider Roger acquired by Fleetcor

Sebastian er en ukuelig tech-optimist, der er optaget af, hvor kombinationen af gode ideer og nye teknologier tager os hen imorgen.Han følger den danske startup-scene bredt, men holder særligt skarpt øje med hardware og gaming - og er ekspert på fintech. Mens Roger.ai-stifter hilser regeringens gebyr-kontrol af Nets velkommen, ser Rune Mai fra Nordic API Gateway hellere, at politikerne kiggede på problemets rod: Nye spillere har ikke mulighed for at konkurrere på lige vilkår med Nets, og bankerne får for meget ud af at bruge Betalingsservice eksklusivt. ” AI-startup udfordrer Nets’s Betalingsservice ,” skrev vi i en overskrift på TechSavvy i slutningen af 2017. Udfordrerne var iværksætterduoen Cathrine W. Andersen og Christian Rasmussen, der tidligere havde solgt et succesfuldt startup til Cisco, og med deres nye baby, Roger.ai, tog de kampen op med den monopollignende status Betalingsservice har i Danmark. ”Vi havde både en løsning til private og til virksomheder, men selvom forbrugervinklen gav mest omtale, så fungerede den ikke så godt i praksis. Så vi gik videre med B2B-løsningen, og har nu fået et rigtig stort kundesegment op at køre her,” fortæller Christian Rasmussen, CTO for Roger.ai. Virksomhedsløsningen – en kunstig intelligens der hjælper virksomheder med at automatisere regnskabet – har fået succes i USA, hvor virksomheden i foråret lukkede en fundingrunde på 55 mio. kroner. Men missionen om at give almindelige forbrugere en klogere og billigere version af Betalingsservice måtte opgives undervejs. Og skal medstifteren pege på en årsag til, at det ikke lykkedes produktet at slå igennem, er det, at Betalingsservice er en god forretning for både Nets og bankerne, som de ikke ønsker at ændre på: Ifølge et notat fra Konkurrence- og Forbrugerstyrelsen ender mere end halvdelen af gebyret på 4,32 kroner nemlig hos bankerne selv. ”For os var det umuligt at lave en aftale med bankerne om udfordreren til Betalingsservice. Vi havde samtaler med tre store banker, hvor medarbejderne tilsluttede sig og kunne se meningen og den store værdi for alle. Men når vi kom højt nok op, kom der modstand, og jeg er sikker på, at man har siddet med et regnestykke og sagt: Vi har en løsning der virker, og vi tjener mange penge på den,” siger Christian Rasmussen. Christian Rasmussen, CTO og stifter af Roger.ai. Positiv overfor gebyr-indgreb
Erhvervsministeriet udsendte i torsdag en pressemeddelelse der viste vilje til at gribe ind overfor Nets’ magtfulde position. Pressemeddelelsen gjorde det klart, at en bred politiske aftale skulle give konkurrencestyrelsen mulighed for at sænke gebyret for blandt andet Betalingsservice, så ”udbyderne ikke kan udnytte en stærk markedsposition til at opkræve urimelige gebyrer,” som erhvervsminister Simon Kollerup udtalte i pressemeddelelsen. Selvom Roger.ai har fundet en succesfuld forretningen et andet sted end som udfordrer til betalingsservice, glæder det medstifteren, at politikerne nu griber ind overfor Nets-gebyret, som han mener i højere grad kommer Nets og bankerne til gavn end forbrugerne. ”Jeg synes jo, det er ekstremt positivt, at regeringen endelig sætter fokus på det. Jeg tror, at det er noget alle iværksættere har sat højt på dagsordenen at få gjort op med det monopol. Jeg tror, at der nu kommer der til at ske en masse på det her område,” siger han. Teknologisk er der nemlig ingenting der står i vejen for at lave en løsning som er både bedre og billigere end Betalingsservice, mener Christian Rasmussen. Og han mener også, at de første 10 små virksomheder står på spring til at udfordre markedet, ligesom han selv var med Roger. Lige nu har nye spillere bare utroligt svære vilkår, fordi Betalingsservice er så god en forretning for både Nets og bankerne, der derfor ikke har noget incitament til at lukke udfordrerne ind. Men det kan gebyr-nedsættelsen måske ændre på. ”Det tekniske fundament til at lave en bedre løsning er på plads. Derfor tænkte vi, at vi med Roger sagtens kunne ryste en gigant. Men begynder man at zoome ind på, hvordan Betalingsservice er opbygget, er det et system, hvor banker og Nets får utroligt meget ud af at samarbejdet. Og det er utroligt kapitalstærke kræfter, som startups ikke kan hamle op med,” siger han. Problemet stikker dybere end gebyr
Mens Nordic API Gateway ikke selv har nogen ambition om at udfordre Betalingsservice, har fintech-virksomheden en PSD2-platform, der med konto-til-konto betalinger kan bruges af andre til at bygge netop sådan en udfordrer. Alligevel mener medstifteren Rune Mai ikke, at regeringens nye tiltag for at regulere gebyret hos Nets, er den rigtige måde at åbne markedet. ”Jeg er ikke den vildeste ultra-liberalist blandt founders, men jeg må indrømme, at det undrer mig, at man forsøger at løse en problematik med prisregulering i stedet for konkurrence. Altså at staten vil gå ind og regulere prisen på Betalingsservice,” siger han. Rune Mai mener nemlig ikke, at prisregulering løser problemet med manglende konkurrence på såkaldt ”direct debit” – muligheden for at en modtager selv kan trække et beløb fra afsenderens konto, som eksempelvis Betalingsservice kan.
Selvom man med PSD2 har fået muligheden for at lave konto-til-konto betalinger, der i sin essens kan det samme som Betalingsservice, er der nemlig lagt regulatoriske begrænsninger på, som betyder, at man ikke vil kunne lave en PSD2-baseret løsning med helt samme funktionalitet. ”Når jeg først har tilmeldt mig med Betalingsservice, kan de trække lige hvad de vil. Kigger man i PSD2, er det kun tilladt at trække et fast beløb hver måned. Så du kan godt trække 89 kroner til Netflix, men du kan ikke lave noget til svingende beløbsstørrelser, som der er brug for ved betaling af fx strøm og vand,” forklarer han. Mandatet er altså det helt afgørende – må modtageren selv bestemme beløbets størrelse eller ej? Og fordi man ikke må under PSD2-betalinger, er der altså skabt en situation, hvor det ikke er teknologien men reglerne, der står i vejen for fri konkurrence, mener han. ”Ingen har kunnet bygge det, som Nets har, fordi det er bygget af bankerne selv inden det blev solgt fra til Nets, som nu har defacto monopol. Så vi har skabt en situation, hvor PSD2, der skulle være en åbning af markedet, ikke får samme muligheder som gammel teknologi. Med prisregulering kan det godt være, at Nets tjener lidt færre penge, men det er stadig kun dem, der kan få lov at tjene dem,” siger han. Alternative modeller siger alt
Betalingsservice sidder med sin gamle teknologi tungt på markedet, men der findes dog også alternative løsninger, som kan trække abonnementsbetalinger. Automatiske bankoverførsler, MobilePay Subscription og automatisk korttræk kan alle både klare automatiske og gentagne betalinger, men de lider ligesom PSD2-betalingerne Rune Mai og Nordic API Gateway kan lave under, at der ikke er mandat for modtageren til at trække et varierende beløb. Og bare det faktum, er det overhovedet kan betale sig at udvikle en løsning med automatisk korttræk er ifølge Rune Mai tegn på, at prisen hos Nets er for høj:
”Det burde være dyrere at bruge et Visa-kort til fast betaling, for der er endnu en mellemmand inde over – men det er billigere. Jeg har det fint med at arbejde 90 timer om ugen for at forløse min drøm. Men jeg har det svært ved at gøre det på et marked, som ikke er frit – hvor nogle har nogle unfair fordele,” siger han. Troværdighedsproblem kan være godt for fintechs
Begge fintech-foundere er enige om, at der ikke er nogen teknisk forklaring der kan retfærdiggøre, at Betalingsservice skulle være dyrere end en almindelige konto-overførsel. Det handler altså om regulering, der afholder andre løsninger fra at konkurrere med samme mandat som Betalingsservice, og en forretningsmodel der holder nye spillere ude fordi bankerne og Nets tjener godt på den nuværende Løsning. Men den fartblindhed overfor, hvad der egentlig er bedst for kunderne frem for virksomhedens egen pengepung, mener Christians Rasmussen fra Roger.ai i sidste ende kan komme til at ramme den finansielle sektor selv, som i forvejen lider under hvidvaskskandaler og skattely-sager. ”I USA kæmper bankerne for deres eksistens. De har masser af penge at låne ud, men der findes tonsvis af services, som kan håndtere, rapportere og investere dine penge bedre – og der er tiltro til de virksomheder fra befolkning og virksomheder. Samfundet stoler mindst lige så meget på de nye spillere, som på deres bank,” siger han. Foto: Freddie Collins.

Fintech-startups: Nets-gebyret er urimeligt højt, men problemet stikker dybere

Accounting automation tool company Roger.ai announced it raised $7.35 million in Series A funding
QED Investors led this round. 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff also joined
Roger.ai is an accounting automation tool that helps businesses save time on day-to-day financial processes by as much as 80%. Recently, Roger announced it raised $7.35 million in Series A funding led by QED Investors. 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff (former GM of QuickBooks and TurboTax) also participated along with several angel investors. “This investment will allow us to become the industry leader that helps every business avoid spending time in their accounting software, and enables accountants to spend their time advising and crunching the numbers instead of doing manual work,” said Roger co-founder and CEO Cathrine Andersen. ADVERTISEMENT
How does Roger work? It can be placed on top of existing accounting software for automating financial processes such as bill pay, approvals, receipt scanning, compliance, and bookkeeping with simple workflows. Roger’s customers range from SMBs to virtually any industry to bookkeeping and major accounting companies. Andersen founded Roger with CTO Christian Rasmussen. They previously founded Assemblage in 2011 and sold it to Cisco Systems in 2014. After Andersen and Rasmussen worked on Cisco Spark and the company’s collaboration portfolio for three years, they started building Roger. “We have built a great foundation, and this investment means we can give every customer a world-class experience even as we are growing very rapidly,” added Rasmussen. “We’re excited to have such a tremendous group of investors and advisors behind us as we grow.”
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Ever since Roger went to market with its accounts payable automation tool for small businesses in early 2018, the company has grown to thousands of paying customers including over 100 accounting partners. “Roger is by far the most sophisticated product we’ve seen for SMB Accounts Payable. In a very short period of time, this team has built an international product and global customer base with superior technology compared to legacy fintechs — we’re excited about what’s to come from this company,” added QED Investors partner Matt Risley. ADVERTISEMENT
Prior to this round of funding, the company raised $2 million in seed from Financial Venture Studio, BootstrapLabs, and several angel investors. “Most businesses remain poorly served by technology tools,” explained Financial Venture Studio managing partner Ryan Falvey. “Roger’s innovative technology empowers accountants to improve the accounting and payments experience, making payments easier and faster, while protecting against fraud. We’re thrilled to continue to support this incredible business and team.”
Pulse 2.0 is a rapidly growing national technology news website located in Ann Arbor, Michigan. Our technology news, product reviews, and industry insights reach a monthly audience of over one million.

Roger.ai: This Accounting Automation Company Helps Businesses Save Time With Financial Processes

30th May 2019
Roger.ai, an accounting automation tool, has raised a $7.35 million Series A led by QED Investors. The round also has participation from 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff, former GM of QuickBooks and TurboTax, along with other angel investors. Originally built in Denmark, Roger works on top of existing accounting software to automate financial processes like bill pay, approvals, receipt scanning, compliance and bookkeeping with simple workflows. Customers range from small to mid-sized businesses from virtually any industry, to bookkeeping and major accounting firms. “This investment will allow to help every business avoid spending time in their accounting software and enable accountants to spend their time advising and crunching the numbers instead of doing manual work,” says Cathrine Andersen, Roger co-founder and CEO. “We have built a great foundation, and this investment means we can give every customer a world-class experience even as we are growing very rapidly,” says Christian Rasmussen, co-founder and CTO. Since going to market with its accounts payable automation tool for small businesses in early 2018, Roger has quickly grown to thousands of paying customers, including more than 100 accounting partners.

Accounting automation tool raises $7.35m

QED leads round, with participation from 9Yards Capital, SVB, Financial Venture Studio and more
| Source: RogerAI, Inc.
SAN FRANCISCO, May  29, 2019  (GLOBE NEWSWIRE) -- Roger.ai , an accounting automation tool that can cut time businesses spend on day-to-day financial processes by as much as 80%, today announced it has raised a $7.35 million Series A led by QED Investors, with participation from 9Yards Capital, Silicon Valley Bank, Financial Venture Studio, BootstrapLabs, and Dan Wernikoff, former GM of QuickBooks and TurboTax, along with other angel investors. More information can be found at www.roger.ai/us. Roger works on top of existing accounting software to automate financial processes like bill pay, approvals, receipt scanning, compliance and bookkeeping with simple workflows anyone can set up and manage. Customers range from small to mid-sized businesses from virtually any industry to bookkeeping and major accounting firms. “This investment will allow us to become the industry leader that helps every business avoid spending time in their accounting software, and enables accountants to spend their time advising and crunching the numbers instead of doing manual work,” said Cathrine Andersen, Roger co-founder and CEO. “We have built a great foundation, and this investment means we can give every customer a world-class experience even as we are growing very rapidly,” says Christian Rasmussen, co-founder and CTO. “We’re excited to have such a tremendous group of investors and advisors behind us as we grow.”
Matt Risley, partner at QED Investors, said, “Roger is by far the most sophisticated product we’ve seen for SMB Accounts Payable. In a very short period of time, this team has built an international product and global customer base with superior technology compared to legacy fintechs -- we’re excited about what’s to come from this company.”
Since going to market with its accounts payable automation tool for small businesses in early 2018, Roger has quickly grown to thousands of paying customers, including more than 100 accounting partners. “Most businesses remain poorly served by technology tools,” said Ryan Falvey, Managing Partner at Financial Venture Studio. “Roger’s innovative technology empowers accountants to improve the accounting and payments experience, making payments easier and faster, while protecting against fraud. We’re thrilled to continue to support this incredible business and team.”
About Roger
Roger was founded by Cathrine Andersen and Christian Rasmussen, a team which previously founded Assemblage in 2011 and sold that business to Cisco Systems in 2014 . After 3 years in Cisco’s collaboration business, working on Cisco Spark and Cisco’s next-gen collaboration portfolio, Andersen and Rasmussen began building Roger. The company previously raised a seed round of $2M from investors Financial Venture Studio , BootstrapLabs and multiple angel investors. About QED Investors
QED Investors is a leading boutique venture capital firm based in Alexandria, VA. They are focused on investing in early stage, disruptive financial services companies in the U.S., U.K. and Latin America. QED is dedicated to building great businesses and uses a unique, hands-on approach that leverages their partners' and principals' decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth. Notable investments include Credit Karma, ClearScore, SoFi, Avant, Remitly, GreenSky, Red Ventures, and AvidXchange. For more information, visit www.qedinvestors.com . Media Contact:

Accounting Automation Tool Roger Raises $7.35M Series A

Nordic Insurance Software

Peytz & Co

TDC Group

TV 2

SMB Fintech

Fintech

Acquired

Roger.ai is a bill payment product powered by machine intelligence and proprietary IP on the backend. It pays bills automatically using a picture or forwarded e-mail, or by having bills sent directly to Roger. On January 28th, 2021, Roger.ai was acquired by FLEETCOR. The terms of the transaction were not disclosed.

Name	Mia Erlund
Work History	Nordic Insurance Software, Peytz & Co, TDC Group, and TV 2
Title	Chief Operating Officer
Status	Current

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