A US company building an AI-driven platform for finance teams has opened an office in central London as its European base, with a UK team already in place and further recruitment planned. Announced on 9 November 2026, the opening marks the business’s first major step into Europe.
The move gives the company a local presence in a market where it says customers were already using its platform. European demand accounts for 10 per cent of its net new annual recurring revenue, while international net new annual recurring revenue more than tripled month on month, the company said.
For London, the decision brings an AI business valued at $1bn into the capital’s finance and accounting employment market. Its plans for significant hiring in the coming months will make the city a centre for its European expansion, rather than simply a market served from the US.
A local base for existing demand
The company’s platform uses AI agents within an enterprise resource planning system, commonly known as ERP. Such systems help businesses organise financial information and processes. Finance teams use them to maintain accounting records and bring together information needed to understand a business’s financial position.
AI agents are designed to carry out tasks within those processes. The London announcement centres on making that platform available through a local business presence, with employees already in the UK and plans to expand the team.
Named UK and European customers include Black Forest Labs, Temporal and Primer. Their inclusion in the announcement illustrates that the company’s European business predates its new office, although no breakdown of revenue by customer or country was provided.
Chief executive and founder Nicolas Kopp said UK finance teams were already running on the platform before the company had a local presence. Kopp studied accounting at the London School of Economics and worked in the City, giving him a personal connection to the capital where the business is now establishing its European base.
Revenue and investment
The expansion comes less than three months following a $100m Series C funding round at a $1bn valuation. ICONIQ led the investment, with Sequoia and Andreessen Horowitz participating. That valuation puts the company in the category commonly described as a unicorn, a privately held business valued at $1bn or more.
The business now serves nearly 1,000 customers across 75 countries. Its international customer reach is therefore broader than the new European office, which adds a physical presence to an already established cross-border business.
The revenue measures accompanying the announcement describe new business rather than the company’s total income. Annual recurring revenue is a measure used by subscription businesses to express recurring customer revenue on an annual basis. Net new annual recurring revenue tracks the change in that recurring revenue base.
Europe’s 10 per cent contribution to net new annual recurring revenue does not establish its share of total revenue. Similarly, the month-on-month increase relates to international net new annual recurring revenue, not specifically to London or the UK. These are company statements, rather than audited financial results.
London recruitment ahead
The company plans significant hiring in London in the coming months, although it has not specified the number of jobs or the roles it intends to fill. The existing UK team means the office is opening with staff in place, rather than recruitment being a prerequisite for starting its local operation.
It is also bringing its Close Club finance community to Europe. Alongside the office and recruitment plans, that gives the expansion a professional community element, connecting its European presence with the finance teams its platform is built to serve.
London’s relevance extends beyond the location of the office. The capital’s financial sector and accounting expertise offer a setting for a business focused on finance operations, while the planned recruitment adds another employer seeking talent in that market.
The next practical steps are the expansion of the London team and the arrival of Close Club in Europe. The scale and timing of recruitment remain unspecified, leaving the company’s hiring plans as the clearest indication of how its new European base will develop.
