Early in his career, Martin had a question and a vision: to automate accounting processes and make them as user-friendly as possible. “My thought was: Would it be possible to make a solution where entrepreneurs could manage their own finances, keep in touch with the company and, at the same time, not need to take two weeks of classes to keep up with new legislation?”
At the time, there were no bookkeeping systems that did everything all-in-one. And the systems that got close still required the user to understand the ins and outs of bookkeeping, like how to apply VAT and what the rules were.
In the early 2010s, that all changed when Martin met David Andersen and Anders Hørsted.
The meeting of minds
Legend goes that, back in 2010, David and Anders were two freelancers who wished there was an accounting system that made managing their accounts easy and painless, especially for non-accounting experts. They created a company called Kassekladde.dk to try to solve this problem.
At the same time, Martin and his team at Amino.dk, the company he founded that became Denmark’s largest Internet portal for entrepreneurs, were tackling the same problem. The options on the market at the time were made for accountants and bookkeepers, and the barrier to entry was prohibitively high for small and medium-sized businesses.
When they decided to combine their powers and their goals, Dinero was born. A testament to the age-old adage that “necessity is the mother of invention”.
Demystifying accounting and bookkeeping for everyone
Much like other startup companies, Martin and his team took something traditionally considered tedious and confusing and transformed it into a tool that people actually want (and are able) to use. “We’re simply removing all the different things you have to do regarding bookkeeping, minimising mistakes, and giving you a nice dashboard so you can actually see what’s going on”, he explains. “If Apple were to make an accounting system, it would have to be Dinero.”
In just two years, over 25,000 companies were using the Dinero platform. And in November 2016, Dinero became part of Visma.
Joining the Visma family while staying true to themselves
When Dinero was acquired by Visma, a lot of people feared that the startup’s culture would be diluted. But Martin had other plans. “When we sold Dinero to Visma, the first thing I was told was that you can’t buy MacBooks anymore. And I pretended not to hear them, and I bought MacBooks for everybody”, he recalls. But this wasn’t an act of defiance just for the sake of defiance. It was a statement that Dinero needed to continue to operate true to its culture and values. And that helped influence Visma’s approach to acquisitions.
“They changed the strategy – not just because of us, but also because of us – to what we have today. Visma buys great companies with great people, not to change them.”
“Visma didn’t, as many other companies would do, screw things up. And they gave us the space to manoeuvre”, Martin recalls. The acquisition has also allowed Dinero to tap into Visma’s extensive network and resources, without losing its unique identity. “Visma has kind of embraced the differences – the different cultures, the different skills, the different brands, the different regions – without killing them, but actually just supporting them in their journey”, he adds.
A big reason that this transition worked so well is because he and the Dinero team are in good company – surrounded by like-minded individuals across Visma, all driven by the same ethos: to create a product that would revolutionise the accounting world. “I’ve met close to 200 Visma MDs and I haven’t met one a****** yet. All of them have been helpful, inspiring, wise people”, he shares, highlighting the importance of the strong network that Visma provides.
Advice for young entrepreneurs: “Bootstrap it, and take your time”
One of the characteristics that sets Martin apart – and has helped not just him but his entire company succeed – is his approach to entrepreneurship. “When you don’t have money, you think smarter”, he says. This belief in the virtues of bootstrapping led to genuine innovation at Dinero. “It’s when you’re poor, you’re sitting in the basement, and everything is a little bit tough: that’s where you’re the most creative”, he adds. This resourcefulness is something larger competitors often miss or lack as they’re more inclined to solve problems with money.
Another piece of advice he has for young entrepreneurs? Wait as long as you can. “Taking your time isn’t necessarily a bad thing. People will probably tell you that your idea will take a long time to develop and get off the ground, and my answer for that is always, ‘So what?'”
“Just focus on what you’re doing. Don’t think too much about the competitors. And work the hell out of your life.”
A bright future ahead, powered by automation
Looking ahead, Martin is really excited about the potential Dinero has to revolutionise the accounting experience. “We are right now automating all things”, he says, with a goal to automate 80-90% of its services within the next two years. Beyond that, the company aims to leverage its rich data to offer real-time business insights to its customers. “We will also use all that data to actually make you a better business person.”