kompasbank raises 92 million DKK for expansion of business lending and platform development

kompasbank A/S, which recently closed a capital round of 92 million DKK just before Christmas, has now raised a total of over 300 million DKK in capital since receiving its banking licence. This follows a series A round in 2021 where the bank raised 215 million DKK.

The capital increase, driven by both new and existing investors, will support the bank’s continued growth in its core business and enhance its services and platform solutions for small and medium-sized enterprises (SMEs) throughout 2023.

“We have aimed in 2022 to demonstrate that by listening to the needs and desires of small and medium-sized enterprises, we can offer a value proposition that combines technology, banking, data, and products to address the challenge Danish SMEs face in obtaining better and faster access to loans and financing. At the same time, we have shown that there is demand for our concept and that we can create profitable customer relationships from day one,” says Michael Hurup Andersen, Founder and Co-CEO of kompasbank, and continues:

“We are very pleased with the support shown by both existing and new investors in 2022. This recognition of the results our team has achieved in our first full operational year is an acknowledgement that investors can see the sustainability of our business model. It is no secret that the capital increase has placed significant emphasis on three key elements: the growth of our existing customer relationships, our independent platform, and our ability to significantly scale the business in the future.”

Looking back at 2022

In the first half of 2022, kompasbank achieved a loan growth of 842% to 452 million DKK and a total balance of 661 million DKK. Both deposit and loan growth were maintained into the second half of 2022, during which the bank also launched a new B2B marketplace for digital services to SMEs and established itself as one of Denmark’s most popular savings banks for private individuals. 

“Our deposit and loan customers have shown us trust and patience over the past year, and we will go above and beyond to maintain these long-term relationships while hoping and believing that more customers will find their way to kompasbank, partly through referrals, which we already see as a major source of our customer acquisition,” says Michael Hurup Andersen.

Looking ahead to 2023

kompasbank’s mission is to help small and medium-sized enterprises achieve their full potential. This is primarily done by providing robust balances and improved opportunities to invest in their own business through easier access to financing. Additionally, the bank aims to streamline SMEs’ operations through its digital marketplace, kompasbank navigator. This B2B platform provides access to a wide range of partners across nine categories: Administration, Sustainability, Bookkeeping & Accounting, HR & Employees, Legal, Marketing, Economics & Finance, Risk Management, and Sales & Webshops. 

“With kompasbank navigator, we provide an overview and access to all the digital solutions SMEs need to run their business in a sales-focused, investment ready, and efficient manner. We see that with Navigator and easy access to financing, we can help SMEs enhance their competitiveness and achieve their growth ambitions – especially when opportunities arise,” says Michael Hurup Andersen, emphasising that in 2023 the bank will focus on delivering speed, reduced friction, and increased profitability for its customers. Despite 2023 looking like an economically challenging year for the world, it is during such periods that market share can be captured and strong foundations can be built.