Sumary raises $25 million seed for its accounting OS
Sumary raised a $25 million seed led by Singular for an AI accounting layer on existing ledgers. London takes the customers, and Copenhagen keeps the research.
Having tracked European finance software that raises to replace the general ledger, I read the Sumary seed as capital for the layer that leaves that ledger alone. On November 10, 2026 Copenhagen-based Sumary ApS said on its own site that it had raised $25 million, led by Singular, for an artificial intelligence (AI) operating system that prepares accounting work and sends approved changes back to the client's existing books. The cheque landed one day after Sumary 2.0, funding a product already in use at Deloitte, Grant Thornton and Baker Tilly.
The post calls it the largest seed for accounting software in Europe, and it supplies no league table. The $4.2 million pre-seed of November 18, 2025, given there as 27 million Danish kroner and led by byFounders, plus this seed, sums to $29.2 million. Partech and Tenity joined that pre-seed, and the new note says all three are doubling down.
Where the seed goes
Pascar Sivam, co-founder and chief executive, told The Next Web that "software has to take on the preparation properly, so accountants can give their time to the people who depend on them." Sumary assigns the capital to sales, to forward-deployed accountants who sit with a firm from day one, and to research.
Copenhagen keeps product, engineering and AI research, and London takes customers, with Benelux named after the Nordics and the United Kingdom. The Next Web reports that Sivam and chief operating officer Frederik Skov Wacher are moving to London, and that Sumary works with most of the 20 largest Nordic accounting firms, while the UK contracts stay unnamed. Valuation, board seat and instrument are absent from the note.
The layer on the ledger
Sumary's homepage places the software on Microsoft Business Central, Xero, NetSuite and QuickBooks. Approved changes go back as drafts, and a person at the firm approves every write. Workflows cover month-end, value-added tax (VAT) and year-end, and answers cross the profit and loss statement, the balance sheet and cash flow, traced to the transactions. The page cites SOC 2 Type II, ISO 27001 and the General Data Protection Regulation (GDPR).
Version 2.0, posted November 9, 2026 by Lucas Rantzau, replaces close management with Workflows on any cadence. Consolidation joins organisations on QuickBooks, Xero and Business Central, using the firm's rates or European Central Bank rates, and the release says it is live for every customer. A Copenhagen team, including machine-learning doctorates, tests models on an internal benchmark of accounting tasks and keeps that benchmark inside the company.
Clients and the company's percentages
Mads Faurschou, a partner at Deloitte, is quoted on the seed note and the homepage: "Sumary's AI and accounting workflows are a superpower every accountant deserves." Jeremy Uzan, general partner at Singular, told The Next Web the founding team is among the strongest he has seen in Europe at this stage and called the commercial momentum exceptional. A fetch of Singular's public site on November 11 returned no Sumary mention.
Both the seed note and the homepage say firms save more than 50% of the time the work used to take. The Next Web carries a sharper company claim: after three months, 50% less time on a monthly close and 75% less on a VAT return. No sample size, named result or outside review appears with either figure.
Inkle bought Finally's bookkeeping division and sells the service, rather than a layer the practice keeps. Plinto, also in Copenhagen, raised €2.9 million to catch deviations inside an enterprise resource planning (ERP) system. Hyphenate's $45 million Series A funds corporate-finance agents, and geniosAI's round pays for a figure that stays traceable. Microsoft, Xero, Oracle and Intuit supply the ledgers, and none of them comments on this week's Sumary posts.
What Thursday has to prove
The seed note sets Thursday, November 12, as the day Sumary shows what it has been building next. Because a ledger write still waits on a person at the firm, the forward-deployed accountants described in the note are the constraint on Benelux and on those unnamed UK contracts. Without a named UK logo, the "largest accounting seed" line still rests on the company's ranking and on Deloitte's sentence.
The Next Web lists five co-founders, Sivam, Bastian Schneider, Wacher, Rantzau and Frederik Hvilshøj, and calls Sivam and Schneider former McKinsey consultants. Angels the seed note says are joining include Tuomas Artman of Linear, Steve Anavi of Qonto, Stanislas Polu of Dust, Steffen Tjerrild of Synthesia, Jannick Malling of Public.com and Ben Freeman of Omnea.
Funding totals, time-savings claims and the ranking of the round are company statements on Sumary's site or in reporting that quotes the company. The material is for industry readers and is not investment, tax or legal advice.
Reporting by Rick Steves. Filed 11 November 2026, 20:02 GMT.
Senior Reporter, Regulation and Fintech
Rick Steves has seen business and economics through many lenses. He joined the financial services industry in 2009, and has been a financial journalist since 2011.
