Benford Raises €5 Million in Pre-Seed Funding
Benford, a London-based fintech company specializing in automated audit processes, has successfully raised €5 million in a pre-seed funding round. The investment was led by firstminute capital, with participation from other notable investors including Sondo, HSO, Pennylane, Qonto, and Amesto.
Company Vision
Founded by Andreas Rystad, Mads Bogen Øye, and Thibault Mallion, Benford aims to transform the traditional audit landscape by leveraging technology to streamline the audit process. The company offers a comprehensive solution that manages statutory audits from the initial data extraction from client systems to the delivery of the final signed audit report. Co-CEO Thibault Mallion explained, "We are not changing what an audit is. We are changing how it is delivered."
Use of Funds
The newly acquired funds will be directed towards building Benford's capabilities as a tech-native audit firm. Unlike conventional models that sell software to audit firms, Benford intends to function as the auditor itself, utilizing technology to make audits more efficient and client-focused.
Investors
The funding round was spearheaded by firstminute capital, a venture firm known for investing in early-stage technology companies. Other investors include industry leaders such as Sondo, HSO, Pennylane, Qonto, and Amesto, who bring a wealth of experience in financial technology and accounting software.
Founders and Leadership
Benford was co-founded by three industry veterans: Andreas Rystad, who serves as Co-Founder and CTO, and Mads Bogen Øye and Thibault Mallion, who both hold the position of Co-CEO. Their combined expertise in technology and finance positions Benford to effectively address inefficiencies in the audit sector.