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Fintech Friday: Bokio

Publish date: 21 February 2020
Author: Bokio

Viktor Stensson, co-founder and CEO of Bokio, is using AI to simplify and modernize the accounting process for SMEs all over Europe. He spoke with Efma’s Boris Plantier about the company’s origins.

What led to the creation of Bokio?

Filing a tax return at the last minute is stressful. In fact, finding ourselves in that situation was the inspiration for creating Bokio.

Bokio was founded in Sweden in 2015 by me and Mikael Eliasson. It all started when I helped Mikael, who was a freelance engineer at the time, fulfill various accounting tasks he was struggling with. Together, we realized how intricate the tax filing system was and both saw a substantial opportunity to modernize the accounting industry by automating the bookkeeping process.

We have come a long way since then – we are now a team of more than 60 employees from every continent in the world, and we just keep growing.

Could you present Bokio's offer?

We offer next-generation, digital, free of charge accounting and bookkeeping services. With more than 100,000 users Bokio has grown rapidly since launch 2016.

We offer an all-in-one solution to help people run their business smoothly. Bokio has lots of great features for managing accounting, including bookkeeping, invoices, tracking expenses, and importing transactions with bank feeds, all for free. There’s no trial period, paywall, or hidden costs. Bokio is, and always will be, free for our customers to use.

We make money by charging for financial services at a very competitive price that helps people run their businesses smoothly. In Sweden, where Bokio was founded, small business owners can pay for invoice financing, priority support and other helpful financial services at an attractive price.

What's coming next for Bokio?

After achieving a market share of 10 percent in our native Sweden without traditional marketing, we are now determined to scale our business in the UK. Our goal is to reach 100 million users worldwide and to become the Google of accounting. It should be almost socially unacceptable not to use Bokio. Our launch in the UK was an important first step towards this and we’ve already seen a huge demand for our tool since launching in 2019.

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