Fennoa Expands Cloud Financial Management Software With Acquisition
Finnish company Fennoa, a developer of cloud-based financial management software, is expanding its offerings after growing over 30 percent annually and surpassing €25 million in revenue.
Helsinki – Fennoa, a Finnish developer of cloud-based financial management software, is continuing its rapid expansion and broadening its product ecosystem through acquisitions. Since receiving backing from CapMan Growth in 2022, the company has grown by more than 30 percent annually, with its revenue now exceeding €25 million.
Fennoa's software is designed for accounting firms and SMEs, aiming to reduce manual work, improve usability, and provide real-time financial visibility. The increasing demand for real-time data and seamless integrations in financial management has accelerated the adoption of cloud-based solutions.
CapMan Growth has supported Fennoa's growth by strengthening its sales, pricing, and strategic execution. The company has now expanded beyond its core financial management services. In March 2026, Fennoa acquired Avaa Solutions Oy, known for its Avaa.io property management software, as part of its strategy to build a more comprehensive financial management ecosystem in Finland.
Founded in 2014 by Mikko Kalliovaara and Lasse Elfving, Fennoa aimed to simplify and accelerate financial management software development with a modern, cloud-native platform. The company experienced rapid growth driven by digitalization trends and achieved profitability within a few years.