While business spending happens in real-time through bank transactions, accounting systems only capture this data after the fact.
“You’re always behind your numbers because you’re focused on what has happened. The essence of bookkeeping is historical events,” says Werner Valeur, CEO and Founder of Wolfpack, a system that sits as a thin layer between payments and accounting, providing visibility and seamless integration between both.
Valeur is a renowned entrepreneur in Denmark. He’s been in fintech for 20 years and has seven exits under his belt. He’s also the creator of one of Denmark’s most popular accounting systems, Billy, which now serves over 30,000 Danish businesses.
While running Billy, Valeur saw the disconnect between transaction data and accounting data firsthand. “You have to approve these 10 transfers or wires, and then you just sign off, but you never really know if that specific expense is an approved company expense or if the beneficiary is the right one,” he tells NFM.
This disconnect is more than merely frustrating. It opens the door to a type of fraud called Business Email Compromise (BEC) where hackers target a company’s financial department with fictitious invoices. Between 2013 and 2015, Google and Facebook fell prey to such an attack, mistakenly paying over $100 million to hackers posing as suppliers, precisely because of the reasons Valeur mentions above.
“We’re talking about real money, so that’s a universal problem for all companies,” says Valeur.
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Connecting banking and accounting
Wolfpack integrates with banks and accounting systems to provide a single source for a complete and trusted financial overview. Business executives remain focused on invoices, bills, and tracking expenses while the bookkeepers can focus on the accounting system.
Wolfpack provides real-time documentation for each transaction the moment the money is spent, then automatically syncs the data with backend accounting and ERP systems.
The accounting end provides a single interface to multiple accounting providers so bookkeepers and accountants only need to know one system—Wolfpack.
Outside the accounting department, the company uses the Wolfpack app to track expenses on the front end.
“We’re the glue between the accounting software and the bank.
We’re just a very thin layer, but a crucial one to be on top of your numbers
all the time,” says Valeur.
Wolfpack follows both directional workflows for accounting and business expenses—either requiring an approval before expenditure, or spending first and then logging the expense in the bookkeeping later.
Ready to scale
Wolfpack is now ready to scale and is actively looking for partnerships to do that, interested particularly in investors who want to be part of their journey. The company has been active in Denmark only but its solution is built as an API which allows them to integrate with any new system in only a month.
Wolfpack itself doesn’t get involved in the accounting rules—it connects to accounting software and then provides a single interface regardless of the underlying accounting provider being used. This is what makes it flexible from country to country.
The company has focused heavily on development for the last 2.5 years with a team of 10 developers, plus a separate team for customer support and UX. The focus in 2025 will be revenue generation and stable partnerships in Denmark, then outside the country.
Valeur sees a unique value proposition for banks because Wolfpack can provide invoicing and expense management directly inside a banking app. Wolfpack also has access to rich client financial data that banks could use to offer additional services—something banks have been craving for 10 years, but which now comes easy with open banking, says Valeur. .
Wolfpack has completed two angel rounds and is getting ready for its seed round where it aims to raise €5 million.