Flatpay | The Danish Fast-Track Unicorn

One thing, sold in person

Flatpay sells one thing, and sells it in person. A flat rate on card payments. 0.99% on a terminal, 1.49% on a full point-of-sale system, hardware bundled in. The target is the single-site merchant processing more than €100,000 a year: the bakery, the barber, the corner restaurant. There is no self-serve signup and no partner channel, so every sale starts with a Flatpayer walking in the door.

Incorporated in September 2021, with the first customer live in May 2022, and 7,000 merchants onboard by April 2024, managed by 200 employees. Nineteen months later: 60,000 merchants across six markets and €120m of ARR, adding close to €0.7m of ARR each day since crossing €100m ARR in October 2025.

The 2026 ambition

In October, CEO Sander Janca-Jensen projected the €400–500m publicly after announcing Flatpay crossed €100m ARR. In absolute terms, we’re talking €280–380m of new ARR in thirteen months, compared to the €87m they added last year. It’s an aggressive aim but it’s validated by the monthly growth rate. Following their €120m ARR in November, reaching Janca-Jensen’s range means growing 9.7–11.6% a month, every month of 2026. Flatpay has run at 11.4% a month over the past year, so they need to maintain that on a base close to four times larger.

The round itself: €145m at a €1.35bn pre-money valuation, led by AVP and Smash Capital, taking total capital raised to €268m. $1bn cleared four years and two months after incorporation is faster than any Danish company ever before.

What the target takes

If we assume ACV stays around €2,000 per merchant, keeping up with the 2026 guidance means increasing customers by around 4x, adding at least 140,000 merchants in thirteen months against the 53,000 they added in the previous nineteen.

Flatpay plans to roughly double their team to around 3,000. At about €80k per person today, that adds up to €240m, short of the €400m goal. Hitting it with the same team means everyone earning 1.7 to 2.1x more than they ever have. If that proves too much of a stretch, they will likely need closer to 5,000.

Productivity compared

Comparing to Swedish SaaS unicorns, Lovable and Legora, Flatpay is behind on productivity. Lovable clears €2.35m of ARR per employee, which dwarfs even Legora at €217,000. At €80,000, Flatpay trails the two by some margin.

Related reading: The three types of valuation multiples and Raising at the right valuation, on what Danish software companies raised in 2026.

Originally published in Pre-Money, Issue 01 (Crispa, 2026), p. 6. Figures are as reported at the date given with each chart; medians describe a market, not any one company, and nothing here is advice on the price of yours.