Audit is a bedrock of the global economy, powering growth by creating confidence in the truth of financial data worldwide. It is something that happens inside and outside of all companies. Auditors struggle to manually comb through documents and reconcile endless streams of information. The result is that auditors are churning out of the profession in record numbers. Reportedly, around 1 in 5 auditors quit their job every year.
DataSnipper, a Dutch startup was founded in 2017 to help auditors work faster and smarter with AI. Now, the automation platform for audit and finance professionals has raised $100 million in a Series B funding round led by Index Ventures (backed Cloover). It values the company at $1 billion, making it a unicorn. This follows the fundraising it secured in 2022 from Insight Partners.
The new funding will help DataSnipper expand across new verticals including internal auditors, tax advisors, forensic accountants, and other sectors involving data reconciliation.
Empowers auditors with AI
Founded by Jonas Ruyter and Maarten Alblas, DataSnipper’s AI-powered platform addresses the root causes of auditor burnout by bringing efficiency and delight to the process of audit. The platform embeds automation directly into Excel, eliminating crushing manual work by letting auditors snip numbers from any file, such as an invoice, bank statement, or inventory document.
These snips automatically reconcile against transactions, creating airtight audit trails with a click. What was once the work of hours is now a matter of seconds, freeing auditors from drudgery to focus on strategic insights. By meeting auditors where they work, and then leveraging AI to amplify their expertise, DataSnipper helps to inject collaboration and dynamism back into a profession that’s losing talent to tedium.
DataSnipper has more than doubled its revenue and serves over 400,000 auditors across 125 countries, including leading brands such as Deloitte, KPMG, Ernst & Young and PwC. Already, the company counts Hilton, Siemens, Frontier Airlines, and the Government of Queensland as customers. It is also expanding rapidly across the Asia-Pacific and Latin American markets.
Recent product launches
DataSnipper has recently released new product suites to better serve finance professionals across diverse sectors. Its Cloud Collaboration Suite allows for secure and seamless real-time coordination across distributed teams, while its AI Suite allows users to ask questions in natural language, and then automatically analyse and surface insights from any unstructured documents and data.
“Half the world is creating more data than ever before, half the world needs to verify it – that’s the premise of the entire economy,” said DataSnipper CEO Vidya Peters. “DataSnipper lies at the intersection. Using DataSnipper’s tool, auditors can automate away up to 90% of menial tasks and boost business growth by cutting costs in half.”
“When I first saw DataSnipper in action, I thought I was watching a magic show. This software is seriously genius,’ says Amy Rose, senior auditor at BDO in the US, a major external audit firm. ‘Not only does embracing new software like DataSnipper make my job easier, but it ultimately allows me to deliver a better audit to my clients by leveraging the analytical capabilities of these tools so that our teams can resource our time on more complex and interesting procedures.’”
“DataSnipper lies at the intersection of macro trends shaping audit – ballooning regulation, talent churn and pent-up pressure for challenger firms beyond the Big Four,” said Hannah Seal, partner at Index Ventures who led the round and will join the board. ‘It’s not a technology in search of a use-case – it’s a profound unmet need among auditors and finance teams. DataSnipper’s growth into new sectors comes directly from user demand, as professionals keep asking for the product once they experience how fast and delightful it is. By starting from auditors’ Excel workflows rather than forcing them to migrate to a new platform, adoption is rapid and loyalty is fanatical. We’re thrilled to be backing Vidya and the whole team as they scale globally.”