Fintech start-up Numra raises €1.5m in funding round
Numra, an AI-powered financial automation platform, has raised €1.5 million to help finance teams drive productivity and profitability. The round was led by Elkstone, which has also supported Manna, Flipdish, and LetsGetChecked.
Numra’s solution streamlines complex financial workflows to save time and eliminate errors to reduce costs. By offloading time-consuming tasks such as data entry, reconciliations, and error investigations, the company’s technology can increase team capacity to better support clients and business development. Chartered accountancy firm BDO is participating in its pilot project.
Founded in 2023, by David Kearney (co-founder of Peblo, acquired by Wayflyer) and Conor Digan (ex-Wonder, GerYourGuide) Numra also announced the launch of an AI-powered accounts assistant.
Managed through the Numra platform, the assistant improves teams’ productivity by up to 50% by allowing it to manage collections, 3-way matching, payments, process invoices, and perform reconciliations and detailed cost allocations. Users can also interact with the tool over e-mail, Microsoft Teams, Slack and other chat software to further streamline operations.
“AI will have a transformative impact on the role of accountants and finance departments everywhere. The advent of LLMs means that what was once unimaginable is now possible. At Numra, our AI’s capability to ingest and process vast amounts of unstructured data enables us to redefine the boundaries of productivity and transform how finance departments operate,” said David Kearney, co-founder and CEO, Numra.
A recent report by Gartner shows that 73% of accountants have seen their workloads surge over the past three years. Additionally, 69% of CFOs are struggling to recruit for vacant positions, while nearly one-third of finance leaders citing staff turnover and dwindling morale as major obstacles to growth. By bringing intelligent automations to finance, Numra aims to empower CFOs and their teams to modernise processes and access growth.
“Numra is the perfect example of how Irish innovators are leveraging artificial intelligence to address the current and future challenges in sectors such as finance. At Elkstone, we are proud to be a part of Numra’s journey from such an early stage, and to support them with the launch of their AI power accounts assistant,” said Niall McEvoy, Venture Partner at Elkstone.
Numra will use the additional funding to hire across product and engineering, drive further product development, and expand to the US market.
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