Done.ai Group
Done.ai Group AB is a Swedish software and fintech group focused on building an integrated business platform for SMEs. Its offering combines accounting, CRM, marketing, HR, MRP, embedded finance, and AI-driven automation within a single operating environment, with a Nordic footprint and a modular product structure.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCore platform layer that connects operational, customer, and financial workflows.
Accounting, payroll, and back-office tools for SME finance teams.
Tools for sales, customer engagement, and workflow automation.
BNPL, cards, spend management, and Open Banking-enabled services.
Marketing, HRM, MRP, and related add-on modules.
Customers
Done.ai sells primarily to SMEs that want to replace fragmented software stacks with one connected operating platform. It also serves accounting firms, consultants, system integrators, and ERP/channel partners that distribute or implement the software for end customers. The customer base is concentrated in businesses that need accounting, cash management, sales, and workflow automation in one system.
Buy accounting, CRM, and operating modules to simplify workflows and reduce manual work
Adopts adjacent modules and embedded finance through the group’s distribution channels
Implement and resell the platform for client businesses
Embed or distribute Done.ai modules into broader business software stacks
Strategy
Done.ai’s strategy is to build a unified operating system that makes each new module more valuable as the platform scales. It is using acquisitions, product integration, and partner distribution to convert an existing customer network into cross-sold software and financial services. The long-term aim is to deepen platform usage, increase automation, and expand revenue per customer.
A shared platform increases switching costs and makes each module more valuable
Existing relationships lower customer acquisition cost and support revenue expansion
Payments, BNPL, and spend tools deepen usage and create recurring touchpoints
Integration supports product breadth and operational leverage across the group
Geography
Done.ai is rooted in the Nordic market, where it is rolling out accounting and embedded finance products and leveraging regional distribution partnerships. The group also operates through a broader Scandinavian footprint and uses partner channels to reach customers across the Nordics. Geography matters because the business depends on local accounting practices, banking integrations, and regulatory frameworks for financial services.
Risks
Done.ai’s business depends on successful integration of acquisitions, product launches, and partner-led distribution, so execution risk is high. It also faces regulatory and operational risk from embedded finance, Open Banking, and the need to maintain reliable software and data integrations across multiple modules and customer types.
- Acquisition integration riskImpact: HighLikelihood: High
The platform model depends on combining multiple acquired businesses into one operating stack
Exposure - Product launch and adoption riskImpact: HighLikelihood: High
New modules must convert existing customers and prove value quickly
Exposure - Regulatory and compliance riskImpact: HighLikelihood: Low
Embedded finance, payments, and Open Banking operate in regulated environments
Exposure: Nordic financial services offerings
- Partner/channel dependenceImpact: MediumLikelihood: Low
A meaningful part of growth relies on distribution agreements and reseller networks
Exposure: Finago and other channel partners
- Technology and data integration riskImpact: Medium
The value proposition depends on stable connections across accounting, CRM, and finance workflows
Exposure: Done OS platform architecture
Accounting
Judgemental itemsPurchased customer bases and software assets create non-cash amortisation that affects EBIT
Impact: Reported operating profit is lower than cash operating performance
Software platform build-out may be capitalised and later amortised
Impact: Affects asset values, amortisation expense, and earnings timing
Integration and divestment-related items can materially distort period comparability
Impact: Makes pro forma and adjusted measures important for analysis
Year-end trading and rollout timing can create quarter-to-quarter volatility
Impact: Impacts revenue and EBITDA comparability across quarters
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Last updated: 24/09/2026