Three former executives from Danish digital bank Lunar have raised €8.2 million for Repodo, a startup that wants to put AI to work in the audit industry. The company plans to start with small and mid-sized businesses in Denmark before expanding to the rest of Europe.
The funding round was led by Hedosophia and Seed Capital, two firms that had previously backed Lunar. That detail matters. Investors who watched Lunar grow into a company that has raised more than €500 million since 2015, with over one million customers, are now willing to back a similar bet in auditing, a field not known for quick change.
Who is behind Repodo
Three of Repodo’s founders held executive roles at Lunar. They are joined by Anders Houmann, a professional auditor. That mix is not accidental. Auditing is regulated, and a licensed person must sign off on the final report. Software cannot replace that legal responsibility. Repodo wants to use AI for the repetitive parts, such as data collection, transaction analysis, and pattern matching. Auditors then focus on the parts that require professional judgment.
Where the market opportunity sits
The global audit market is estimated to be worth around €80 billion. Europe alone accounts for about €74 billion of that total. The big four accounting firms, Deloitte, PwC, EY, and KPMG, have poured money into AI in recent years. But their focus tends to be on large enterprise clients. Smaller companies, which make up a huge part of Europe’s business base, often miss out on those tools.
Repodo sees that gap. The approach is to build an AI-native system from the start, not add AI to older workflows. The company frames itself as a way to compress manual work so that human expertise goes further. That is a more realistic pitch than promising to replace auditors altogether.
Can the Lunar playbook work again
Repodo’s founders used a similar strategy before. Lunar began as a Danish challenger bank and later expanded into other Nordic markets. Repodo plans to follow the same path. Denmark first. Europe later.
The timing is interesting, but the real question is competitive pressure. The big four may not care about small clients today, but that could change. If Repodo proves there is demand for faster and cheaper audits among SMEs, larger firms might move in. The startup will then need more than a funding round to hold its ground.
For now, the €8.2 million gives Repodo a chance to build and test its product. Whether it turns into a lasting shift in the audit market or just another small experiment is still unclear. But the first step has been taken.
