Zenegy receives multi-million investment from Danske Bank
4 min read
Zenegy is a whole new generation of payroll systems
We have come a long way since we went live with Zenegy at the start of 2017. We have reached many big milestones, and most recently we have entered into a partnership with Danske Bank which, with an amount in the double-digit millions, secures Zenegy's presence in the payroll and HR market, and at the same time means that we now face many fantastic new opportunities.
Right from the start, we have seen great interest from venture and capital funds, which for many entrepreneurs is a dream situation. But it has never made sense for us to enter into that kind of partnership, because we simply were not at a point where we could use such a capital injection sensibly. We have been well funded from the start, and that has given us the peace to go full throttle on development. We have always been extremely product-focused, and we love technology and the opportunities it gives to create innovative solutions that can help companies, accountants and bookkeepers get a better experience with payroll and HR.
But when Danske Bank showed interest in Zenegy, our eyes were opened to the opportunities a partnership with such a big player could bring. We were already thinking about expanding in the Nordic market, and with a partner like Danske Bank we can do it with greater credibility, greater volume and faster – and so also with better odds of succeeding.
With Danske Bank's investment, we have not only received a large capital injection; we have also gained a new distribution channel that can take Zenegy to a larger and broader customer segment. The partnership also makes it possible to develop some completely new and unique technological solutions. With Danske Bank as co-owner and active partner, we will have an even greater focus on product development. We are continuing to develop our HR platform, and we are putting the turbo on a close integration with the Danske Bank platform, so we can deliver solutions that make operations more efficient for Danske Bank's many business customers, among others.
A new chapter – Zenegy is here to stay
As a startup, you often meet a certain scepticism about whether you have what it takes to go from being a startup to an established company, which is entirely understandable. Of course, we have never doubted that Zenegy had what it takes.
Danske Bank's investment is a seal of approval for Zenegy, and it means we can now truly say we are an established player in the payroll and HR market. It also means we will need to bring in some new people who can support the development we are working on. But the partnership with Danske Bank will not affect the pace of our development.
Founding Zenegy has simply been an incredible journey. I have gone from sitting alone in a small office to sitting today in a large office in Hørsholm with the best team. There have of course been bumps along the way, and we have also had to work hard to get to where we are today. That is why, as the founder of a company, it is an absolutely amazing feeling that we have now got to where we are, and I am simply so proud of what our “little” team has achieved in such a short time.
At the same time, we are so grateful for the trust many thousands of companies have shown in our product, and to all the accountants and bookkeepers who have given us their time and dared to move their clients from existing systems to Zenegy. Without that trust, we would never have got to where we are today.
