Copenhagen's Repodo raises €8.2M Pre-Seed to build an AI-native audit firm — Lunar's founders, Lunar's first backer

Repodo (Copenhagen) has raised €8.2 million in a Pre-Seed round led by Hedosophia — the London-based fund whose portfolio includes Monzo, Wise, and Stripe — and Seed Capital, the Danish early-stage investor that previously backed Lunar. The company is building an AI-native authorised audit firm, not audit software: Repodo itself will be the firm that signs off on statutory accounts, with AI handling the processing work and qualified auditors retaining professional responsibility for all judgements.

The founding team is the round's headline. Ken Villum Klausen (CEO), Peter Andreasen (co-founder), and Joachim Strøjer Hansen (co-founder) are the three executives who built Lunar — Denmark's largest challenger bank — as CEO, CFO, and CPO respectively. The fourth co-founder, Anders Houmann, is a qualified auditor: he holds the professional licence that gives Repodo the right to issue statutory audit sign-off, which a software company advising audit firms would not have.

The structural choice: firm, not software

That decision — to become a regulated audit firm rather than a tool for existing ones — defines Repodo's market position and its regulatory burden simultaneously. Audit software vendors sell into a €80 billion market while remaining dependent on incumbent firm relationships for distribution and credibility. Repodo captures the client relationship directly, which increases the total addressable opportunity but requires earning regulatory standing in every market it enters.

The AI layer automates data collection, bank reconciliation, document management, and transaction analysis — the bulk of the processing work that consumes junior auditor hours in a conventional engagement. Repodo's model concentrates the human auditor's time on the judgement calls and risk assessments that AI cannot certify: unusual transactions, management estimates, going-concern assessments. The firm targets Danish SMEs for the initial commercial launch.

Why Lunar's first backer returns

Seed Capital's involvement is the investor-side story. The fund backed Lunar at its earliest stage and is now writing a cheque into the same founding trio's next company, in an adjacent regulated market. Hedosophia brings the consumer-fintech network — Monzo, Wise, Stripe — and an investment thesis built on regulated challengers that survive regulatory trust-earning cycles.

Hedosophia partner Sarra Zayani identified the key differentiator: the team is "not simply applying AI to an existing audit workflow" but "rebuilding the operating model around the technology while preserving the professional accountability that audit requires." That framing acknowledges the core tension — automation inside a liability-carrying profession — and positions it as a design constraint rather than a risk to disclose. The capital goes to platform development, team building, and the Danish launch; European expansion follows market by market.