CapMan Growth-Backed Fennoa Continues Rapid Expansion in Cloud Financial Management Software

CapMan Growth-Backed Fennoa Continues Rapid Expansion in Cloud Financial Management Software

(IN BRIEF) Fennoa has grown into one of Finland’s fastest-growing financial management software companies since CapMan Growth invested in the business in 2022. The company is currently growing at more than 30 percent annually and has surpassed €25 million in revenue. Fennoa develops cloud-based financial management software for accounting firms and SMEs, offering a modern platform designed to reduce manual work, improve usability and provide real-time visibility. CapMan Growth has supported the company by strengthening sales, pricing, management and strategic execution. The company is now expanding beyond core financial management. In March 2026, Fennoa acquired Avaa Solutions Oy, known for its Avaa.io property management software, as part of its ambition to build a broader financial management ecosystem in Finland.

(PRESS RELEASE) HELSINKI, 22-Jul-2026 — /EuropaWire/ — Fennoa has grown into one of Finland’s fastest-rising software companies since receiving backing from CapMan Growth in 2022, strengthening its position in cloud-based financial management software.

The company has continued to grow at more than 30 percent annually, supported by a strong product foundation and a more systematic approach to commercial development, including sales, pricing and management.

The market for cloud-based financial management software has accelerated as accounting firms and SMEs increasingly expect real-time data, seamless integrations, AI-enabled tools and simpler digital workflows.

CapMan Growth said this shift is creating opportunities not only for incremental improvements, but also for challengers rethinking financial management software from the ground up.

Fennoa is one such challenger. The company develops cloud-based financial management software for accounting firms and their clients, combining a modern product platform with a stronger commercial model.

According to Heikki Juntti, Partner at CapMan Growth, expectations among accounting firms are changing clearly.

“We’re seeing a clear change in expectations. Accounting firms are no longer looking for standalone tools. They want a modern, easy-to-use platform that reduces manual work and gives real-time visibility,” said Juntti.

When CapMan Growth invested in Fennoa, the company was already gaining strong market traction, driven largely by the quality of its product.

Juntti said Fennoa offered a credible alternative to established providers in the market, with product-led growth already proving effective. The next task was to build on that foundation and support further scaling.

Fennoa was founded in 2014 by Mikko Kalliovaara and Lasse Elfving after they identified that financial management software had become overly complex and slow to develop.

Their aim was to improve quality and usability through a modern, cloud-native platform. As digitalisation in financial management accelerated, Fennoa grew quickly and became profitable within a few years.

As momentum increased, the company faced the challenge of ensuring its organisation could keep pace with the strength of the product.

CapMan Growth supported Fennoa by introducing a more structured and data-driven approach, helping the company strengthen key functions and turn product success into more repeatable commercial performance.

Juntti said strong product-market fit is only part of the growth equation for many companies.

“The next step is building the commercial side around it in a structured way, including how you price, how you sell, and how you scale those processes consistently,” he said.

CapMan Growth worked with Fennoa to assess how growth could be accelerated across the business. This included strengthening leadership, professionalising sales, refining pricing and developing a clearer strategy.

The focus was not on changing Fennoa’s direction, but on sharpening execution and building an organisation capable of matching the quality of the product.

This helped clarify responsibilities across the company and allowed teams to prioritise more effectively.

The results have been significant. Fennoa is currently growing at more than 30 percent per year and has exceeded €25 million in revenue.

During the same period, the company’s headcount has increased from around 30 employees to nearly 100.

CapMan Growth said its work with Fennoa is based on close cooperation with founders and management teams, combining operational support with experience from scaling companies across different markets and growth stages.

Juntti said founders build companies from the ground up, while CapMan Growth’s role is to add perspective on what is needed to scale sustainably.

At the same time, he said it is important to preserve the strengths that made the company successful in the first place.

For Fennoa, maintaining product independence and alignment with its original values has remained important.

“Product development is fully in our hands,” said Mikko Kalliovaara, Co-founder and Chief Product Officer at Fennoa.

He said it was important for Fennoa and its customers that the company could continue growing in line with its values as an independent Finnish company.

Kalliovaara added that the partnership with CapMan Growth has been built on open and straightforward discussions.

CapMan Growth said supporting companies as they expand while remaining in local ownership is central to long-term value creation, with transparency and trust defining its partnerships.

Fennoa is now focused on expanding its platform beyond core financial management.

In March 2026, the company acquired Avaa Solutions Oy, known for its Avaa.io property management software.

The acquisition enables closer integration with financial management and more advanced service models for the property management sector.

The move reflects Fennoa’s ambition to build a more comprehensive financial management ecosystem and further strengthen its position in the Finnish market.

Juntti said that, with the foundations now in place, Fennoa’s next phase will focus on further expansion, both organically and through targeted moves into adjacent areas.

CapMan Growth invests in ambitious companies across the Nordic region, supporting businesses with strong foundations and growth potential. We partner with entrepreneurs and management teams across a range of sectors including software, technology and scalable service businesses.

Media Contact:

Heikki Juntti
Capman Growth
Email: heikki.juntti@capman.com
Phone: +358 40 556 8899

SOURCE: CapMan