Advise raises 28 million and launches AI platform in Sweden

Icelandic technology company Advise has raised approximately SEK 28 million to support its continued Nordic expansion. The company is now launching its financial intelligence platform in Sweden, giving businesses easier access to reporting, financial insights and decision support. The platform also includes Roger, a powerful AI analyst that helps users explore and understand their financial data.

Companies of all sizes already have large amounts of valuable data in their accounting systems. The challenge is that many lack the tools needed to use the numbers actively in the management and operation of the company, and as a basis for strategic decisions.

For many growth companies and mid-sized companies, the problem is not a lack of data, but a lack of time, skills and resources to interpret it and use it systematically in decision-making processes. Some do not have their own CFO, CFO or internal analyst, while others have experienced finance teams who still spend too much time collecting, structuring and explaining financial information.

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Advise wants to fill that gap with a solution that gives management access to financial insight with just a few clicks, and a stable basis for making confident decisions about the company's finances. The platform is also developed for companies with experienced finance teams or external support from finance service providers. For these, it serves as a common hub for communication, reporting and decision support related to the company's finances.

Make financial insights accessible

Mikael Arnarson, CEO of Advise, points out that Sweden has a large market of growth companies and mid-sized companies that need better financial insight, reporting and decision support. According to Economic facts, based on Statistics Sweden statistics, 14.4 percent of Swedish companies with at least ten employees were fast-growing in 2023, that is, companies that on average increased the number of employees by more than 10 percent per year.

– This is exactly the type of company we are targeting. They have often grown to a size where the need for better financial insight is significant, but rarely have their own resources in business analysis, analysts or advanced analysis tools. Swedish business leaders already have much of the information they need to make better decisions.

– The challenge is that the data is often scattered between accounting systems, reports and spreadsheets. In many cases, it is also not used effectively in communication between key stakeholders. This applies to growth companies, mid-sized companies and portfolio companies owned by private equity funds. Advise is developed to remove technical and financial barriers and make financial insight available to a wide range of companies throughout the Nordic region, he continues.

From accounting figures to decision support

With just a few clicks, Advise connects to market-leading accounting and business systems such as Fortnox, Visma eEkonomi and Business Central. The platform transforms data into clear dashboards, management reports and AI-driven analyses. This gives companies a real-time overview of their finances, without extensive BI projects, manual Excel sheets or time-consuming implementation.

“There are many advanced analysis tools on the market, but several of them are developed for specialists. Advise is built for business leaders who need to quickly understand how the company is performing and developing,” says Arnarson.

– We bring together ready-made financial reports, direct integrations with Nordic accounting systems and a built-in AI analyst that explains the numbers, in a user-friendly solution. It can be used by both financial experts and managers without a background in accounting or finance. In this way, Advise provides management with a better basis for business decisions and strengthens communication between key stakeholders regarding the company's operations and finances, he continues.

The platform transforms financial data into structured reports and dashboards that provide an overview of budgets, income statements, deviations between budget and actual outcomes, year-on-year comparisons, rolling budgets, cash flow and liquidity, among other things.

Built-in AI analyst explains the numbers

A central part of Advise is the built-in AI analyst Roger. It analyzes the company's financial figures, explains development trends, compares periods and budgets, identifies risks and produces summaries that can be used in management teams and board meetings.

“Artificial intelligence in financial management is not about replacing the finance department, but about giving managers and finance teams better tools. When key financial figures become easier to understand and communicated effectively between key people, it provides a better basis for good decisions,” says Arnarson.

He believes that many growth companies and mid-sized companies need real-time financial analysis and management information, but want to avoid the costs, complexity and long implementation processes that often accompany traditional solutions for larger companies.

“They need a powerful solution that can be quickly deployed, connected to the systems they already use, and provides valuable insight without having to custom develop everything themselves,” he says.

Strong growth in Iceland

Advise has already established a strong position in Iceland and is now expanding its efforts in the Nordic region with launches in Norway, Sweden and Denmark. In Iceland, the solution is currently used by ten percent of all companies with more than ten employees.

“The challenges Swedish business leaders face are very similar to those we see in Iceland. They need faster insight, better overview and clearer decision support, without the complexity and high costs that often come with such solutions,” says Arnarson.

New capital will give momentum to the Nordic venture

The latest funding round was led by Icelandic holding company Skyggnir. With the new investment, Advise has raised a total of approximately SEK 28 million. The capital will be used to strengthen the company's continued growth and expansion in the Nordic region.

– The investment enables us to increase the pace of the Nordic effort and make the platform available to more companies. We have already shown that the solution fills a clear need in Iceland, and see great potential in the rest of the Nordic region, says Arnarson.

About Advise

Advise is a business analytics platform that makes financial insights more accessible to managers in small and medium-sized companies. The platform integrates directly with Nordic accounting and business systems such as Fortnox, Tripletex, PowerOffice, e-conomic, Visma eAccounting, Catacloud, Unimicro, Spiris, Business Central, Xero, QuickBooks and many others, synchronizing financial and operational data.

Through dashboards, reports and the built-in AI analyst Roger, Advise helps business leaders better understand the company's development, plan ahead, communicate financial information effectively and make better decisions.