Shine

What Shine does

Shine is a European cloud-native financial management SaaS platform headquartered in Copenhagen, Denmark, providing integrated banking, accounting, invoicing, payroll, and tax compliance software to small businesses, freelancers, and accounting firms. Founded in 2012 by Martin Hegelund and Rico Andersen under the name Ageras, the company operates across Denmark, Germany, the Netherlands, and France, with the combined Cegid-Shine entity extending reach to seven European markets including Spain, Portugal, and Belgium, serving over 1 million SMBs and 15,000 accountants. The platform is built on Google Cloud and AWS infrastructure with PSD2-compliant bank integrations via Aiia, payment processing through Stripe and Chargebee, e-invoicing infrastructure via Basware and Sproom, and computer-vision receipt scanning via Klippa.

The product suite comprises core modules including Invoicing, Accounting/Bookkeeping, VAT Filing, Payroll (Salary by Shine), E-Invoicing, and the AI Copilot assistant, alongside sub-brands Billy (Danish accounting), Zervant (European invoicing), Tellow (Dutch accounting), and acquired products Employes (Dutch payroll) and TaxHelper Business (AI VAT error detection). AI capabilities are applied across structured-data processing for transactions and VAT, computer vision for receipt capture, and anomaly detection for VAT error identification. The platform operates under a tiered subscription model (Free, Start, Plus, Complete) ranging from freemium to €595/month, supplemented by transactional payment processing fees, distributed through a hybrid product-led growth and sales-led model with self-serve web and mobile sign-ups plus a dedicated accountant partner channel.

Following the completion of Cegid's €1.1 billion acquisition in June 2026, financed through a €1.1 billion debt facility led by Arcmont Asset Management and Ares Management Corp, Shine now operates as a subsidiary of the French cloud management firm. The company continues to serve customers across its European markets while contributing to what the combined entity describes as Europe's first fully integrated, AI-driven financial hub targeting the automation of up to 70% of back-office tasks for SMBs and accounting professionals.

Name

Shine

Legal name

Ageras A/S

Website

https://shine.co

Company type

Private

Founded year

2012

Operating status

Acquired

Headcount range

251–500 employees

Short description

Shine is a European cloud-based financial management SaaS platform providing integrated banking, accounting, invoicing, payroll, and tax compliance software for SMBs, freelancers, and accounting firms. Operating across Denmark, Germany, Netherlands, and France, it now operates as a subsidiary of Cegid following a €1.1 billion acquisition.

Ownership category

akta.pro rank

Product category

Small Business Accounting Software

NAICS

Accounting, Tax Preparation, Bookkeeping, and Payroll Services (5412), Software Publishers (513210)

SIC

Services-Prepackaged Software (7372), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

Embedded Tax, Accounting & Invoicing Finance (FSAGALAJ)

akta.pro secondary industries

Payroll Software & Payroll-as-a-Service (SaaS) (BPACAIAB), E-Invoicing & Invoice Presentment (B2B/B2G) (FSAMAJAF)

Keywords

• Accounting software
• Invoicing software
• Payroll management
• VAT filing
• Small business banking

Headquarters

HQ city

Copenhagen

HQ country

Denmark

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Infrastructure, Operations

Revenue model

1. Subscription Plans: Tiered subscription model with Free, Start (€9/€11), Plus (€20/€25), and Complete (€595) tiers offering progressively more features including unlimited invoicing, bookkeeping, AI accounting functions, and phone support.
2. Payment Processing Fees: Transaction fees for online banking payment processing up to 0.50% of invoice amount plus €0.40 per transaction when customers use integrated payment services.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

Shine operates a cloud-native SaaS financial copilot platform that combines invoicing, automated bookkeeping, VAT/tax filing, payroll, bank account aggregation, and e-invoicing compliance for European small businesses, freelancers, and accounting firms. The platform is delivered as a tiered subscription (Free, Basic, Start, Plus, Complete) with AI-powered automation for expense categorization, receipt scanning, and VAT error detection.

Product overview

Shine is a unified financial co-pilot platform for small businesses, combining banking, accounting, invoicing, payroll, and tax management into a single integrated system. The core platform (shine.co) is built around five primary modules: Invoicing, Accounting/Bookkeeping, VAT Filing, Payroll, and E-Invoicing, supplemented by the AI Copilot assistant, mobile app, and business lending services. The platform operates as a multi-module SaaS with tiered pricing plans (Free, Basic, Start/Plus, Complete). Within the Shine Group ecosystem, the platform also encompasses sub-brands Billy (Danish accounting), Zervant (European invoicing), and Tellow (Dutch accounting), plus acquired products TaxHelper Business (AI-powered VAT error detection) and Employes (Dutch payroll). The combined entity serves over 1 million SMBs and 15,000 accounting firms across seven European markets. The platform leverages AI for process automation, anomaly detection in VAT reporting, and computer vision for receipt scanning.

Differentiator

Problem solved

Functional benefit

Brands

• Shine: Financial copilot platform for small businesses providing invoicing, accounting, banking, payroll, and tax management services.
• Billy
• Zervant
• Tellow
• Salary by Shine
• Shine Advisors

Products and services

• Shine Invoicing Digital invoicing module enabling creation, sending, and tracking of professional invoices and quotes with automated payment reminders, multi-currency support, and local regulatory compliance for SMBs and freelancers.

Quantifiable outcome

• Automates up to 70% of back-office tasks
• +2 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability6 records

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• CegidflagshipStrategic or Co-development Partner · 8 June 2026Cegid completed €1.1 billion acquisition of Shine in June 2026, creating Europe's first fully integrated, AI-driven financial hub for SMBs and accountants. The combined entity serves over 1 million SMBs and 15,000 accounting firms across 7 European markets, with plans to automate 70% of back-office tasks and comply with EU e-invoicing regulations.
• TaxHelper BusinesscoreTechnology or Integration · 25 November 2025Shine is acquiring TaxHelper Business to integrate AI technology for reducing errors and saving time on VAT reporting. TaxHelper's machine learning model automatically detects VAT errors in bookkeeping, aligning with Shine's goal to simplify accounting processes for small businesses.
• AgerasflagshipStrategic or Co-development Partner · 13 February 2025Ageras (parent company) acquired Shine from Société Générale in 2024 and subsequently acquired by Cegid in 2026. Prior to Cegid acquisition, Ageras owned Shine and expanded it across European markets.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• QuickBooks (Intuit): Dominant SMB accounting SaaS with invoicing, expense tracking, tax, and payroll modules. Direct competitor to Shine in the European freelancer/SMB segment with comparable PLG mechanics, tiered pricing, and accountant integrations.
• Xero: Global cloud accounting SaaS for SMBs and accountants, serving millions of subscribers across Europe and other regions. Directly comparable to Shine in target customer (SMBs, freelancers, accountants) and core functionality (invoicing, bank reconciliation, VAT/tax, payroll via partners).
• FreshBooks: Cloud accounting SaaS focused on freelancers, solopreneurs, and small businesses. Directly comparable to Shine in target persona, invoicing-first product design, and tiered self-serve pricing. Strong overlap in freelancer/SMB use cases.

Broad incumbents

• Sage: Established European accounting and payroll software provider serving SMBs through Sage Business Cloud. Overlaps with Shine on accounting, payroll, and invoicing for the SMB segment, but spans a much broader portfolio including enterprise ERP.
• Cegid: French cloud management software firm (HR, finance, retail) that acquired Shine for €1.1B in June 2026. Now the parent company; provides broader enterprise finance/HR capabilities that complement Shine's SMB-focused product portfolio and brings a larger customer base into the combined entity.

Regional players

• DATEV: German cooperative IT service provider for tax advisors, auditors, and SMEs. Strong regional dominance in Germany — the same market Shine entered through Shine Germany GmbH. Comparable in target customer (accountants and SMBs) and regulatory positioning for German tax compliance.
• Exact: Dutch-headquartered cloud business software for SMBs, with accounting, HR, and CRM modules. Direct competitor to Shine in the Netherlands and Belgium markets, serving similar SMB and accountant customers with comparable feature sets.
• Fortnox: Swedish cloud-based business platform for SMBs covering accounting, invoicing, payroll, and e-commerce. Comparable in product breadth, Nordic footprint, and PLG SaaS model. Particularly relevant given Shine's Danish heritage and Ageras' Nordic investor base.

Emerging players

• Bokio: Swedish cloud accounting startup targeting SMBs and freelancers with freemium pricing. Comparable in PLG mechanics, Nordic market focus, and target customer profile, though smaller in scale and product breadth than Shine.

Others

• Dext (formerly Receipt Bank): Cloud-based receipt and invoice data capture tool used by accountants and SMBs. Comparable in computer-vision receipt scanning and bookkeeper/SMB workflow automation, and often integrated with Shine's peer accounting platforms (Xero, QuickBooks, Sage).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/shine-financial-copilot

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries7 records

Funding overview

Funding rounds5 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A9 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Shine