Karla Barker 
Four founders, including three former executives from Danish digital bank Lunar, have raised €8.2 million for a new startup called Repodo. The plan is to use AI for routine audit tasks and start with small and medium-sized businesses in Denmark before expanding across Europe.
The round was led by Hedosophia and Seed Capital, both previous backers of Lunar. Lunar has raised over €500 million since 2015 and has more than a million customers, so investors are placing a similar bet on audit change.
The team includes Anders Houmann, a professional auditor. That matters because audit is tightly regulated. Repodo does not want to remove the licensed human from the process. It wants machines to do the heavy data work while people keep responsibility for the final sign-off.
A gap in the audit market
The global audit market is worth roughly €80 billion. Europe accounts for about €74 billion. Small and mid-sized firms make up a large part of the European economy, but the biggest accounting firms tend to focus AI spending on large corporate clients. That leaves SMEs less served, and that is exactly the space Repodo is aiming for.
Many large firms have added software or chatbots to their audit work over the years. Repodo says its approach is different. The AI is built from the start to handle data collection, transaction analysis, and pattern matching. Licensed auditors only step in for the parts that need professional judgement.
A familiar route
The founders are following a path similar to Lunar’s own growth. Build in Denmark first, prove the idea, then move into other markets. That worked for a challenger bank. It may also work for auditing, but there is no guarantee.
The bigger risk is competition. If the big firms decide that SMEs are worth chasing, Repodo could find itself squeezed. The real test is execution and whether the startup can carve out a position before larger players shift their focus.
For now, the team has enough capital and a clear starting point. The market is large and the focus is narrow. Whether this becomes a genuine change in SME auditing or just another funding announcement will depend on what happens next.