Georges raises $11.2 million for its accounting automation tool
Meet Georges, a French startup that wants to help freelancers, doctors and lawyers when it comes to accounting. With Georges, you can get rid of your accountant altogether and switch to a software-as-a-service product. Alven is leading today’s round with other investors also participating.
Automated accounting is an interesting space. For instance, Roger just raised $7.35 million last week. But Georges focuses on one type of company in particular — people working on their own as freelancers, coaches, doctors, architects, lawyers, etc.
The product is dead simple. First, you connect Georges with your professional bank account. The company leverages Bankin’ to connect to the vast majority of French banks. After that, Georges automatically tags revenue and expenses to calculate your annual revenue, VAT, etc.
It’s not perfect so you still have to manually categorize some transactions. But it’s still much faster than entering each transaction in an accounting application. Once everything is tagged properly, Georges generates paperwork and sends it to tax authorities.
The company competes with more traditional software solutions, such as BNC Express. With a bit of machine-learning, Georges could quickly become much more efficient than those legacy tools.
Georges has attracted tens of thousands of customers so far. It currently costs €24 per month ($27 per month) to access the platform.
The startup had previously raised a $1.1 million (€1 million) seed round from Kerala and Fast Forward in March 2018. It’s going to be interesting to see if they can expand to small businesses and other types of companies as it would represent a big market opportunity.