---
title: "Inside the Visma empire: why there is no single Visma API"
description: "Visma owns Dinero, e-conomic, Tripletex, Spiris and 150+ more companies. There is no single Visma API: what the brands share and where integrations differ."
author: "GJ"
published: "2026-10-15"
updated: "2026-10-16T01:17:12.814Z"
url: "https://www.apideck.com/blog/visma-api-portfolio"
tags: ["Accounting", "Guides & Tutorials"]
---

# Inside the Visma empire: why there is no single Visma API

Visma reported EUR 3,168 million in revenue for 2025 and closed 28 acquisitions and investments in that year alone, according to its [2025 annual report](https://cdn.prod.website-files.com/69787181d8720ea08c1f22fe/69bb9fc407e856cb8d6f7726_Visma%20Annual%20Report%202025.pdf). The group served 2.7 million customers by mid-2026, and few of the products they use carry the Visma name. A Danish bookkeeper runs e-conomic or Dinero. A Norwegian one runs Tripletex, and a Dutch freelancer may use Rompslomp without knowing who owns it. When a customer asks your SaaS product for a "Visma integration", there is no single Visma API to build against. Each brand kept its own API and auth model, and most run their own approval process. The group has also started merging some of the brands it bought.

## The group behind the brands

Visma's revenue grew from EUR 1,726 million in 2021 to EUR 3,168 million in 2025, per its [investor financials](https://www.visma.com/investors/financials), an increase of 84% in four years. Annualised repeatable revenue, the ARR measure Visma reports, reached EUR 2,794 million at the end of 2025. It counts subscriptions plus usage fees such as per-payslip charges, and 90.7% of revenue came from SaaS and cloud products. Adjusted EBITDA was EUR 1,024 million, a 32.3% margin. In the first half of 2026, ARR passed EUR 3 billion and the customer count rose 30% year on year.

![Bar chart of Visma revenue from 2021 to 2025, rising from EUR 1,726 million to EUR 3,168 million, with 2025 recurring revenue in the Business segment split by region](https://images.ctfassets.net/d6o5ai4eeewt/6R4xCPN8mRD33dJdBa32Mc/153ca2073b8d172f26957e997a628728/revenue.png)

The geography matters for anyone planning integrations. Visma's Business segment, which holds the SMB and accounting products, operates in 28 markets across Europe and Latin America. The Nordics still account for EUR 1,458 million of that segment's EUR 2,272 million in ARR, about 64%, and Continental Europe contributes EUR 678 million.

## The portfolio, market by market

Visma's own newsroom announces at least 294 acquisitions and investments since 2006, and 279 of them are in Europe. The Netherlands leads with 51, followed by Finland with 50 and Sweden with 48. The count is a floor: for 2025 the newsroom shows 21 deals against the 28 in the annual report.

![Map of Europe showing at least 294 Visma acquisitions and investments since 2006 by country, led by the Netherlands with 51, Finland with 50, Sweden with 48, Norway with 41 and Denmark with 40](https://images.ctfassets.net/d6o5ai4eeewt/PuBE1WxZ6xetqJvvIkQDa/5ab4de7aadde6307002cb0848ff4c122/europe-map.png)

Visma [bought e-conomic in 2015](https://www.visma.com/newsroom/visma-acquires-e-conomic-and-speedledger-79c10831) and [Dinero a year later](https://www.visma.com/newsroom/visma-acquires-the-accounting-software-dinero-53c9771a), both in Denmark. e-conomic lists 250,000 customers on its homepage, and Dinero announced in May 2025 that it had passed 100,000 users. In Norway, Visma bought Tripletex in 2016 and [took a majority stake in PowerOffice](https://www.visma.com/newsroom/visma-blir-hovedaksjonaer-i-poweroffice-de39677d) in 2019. Tripletex reported 150,000 customers in November 2025, and a May 2026 Visma interview put PowerOffice at nearly 100,000.

Sweden's Spiris has been part of the group since 2001, under the name Visma Spcs until 2025. [Bokio joined in 2022](https://www.visma.com/newsroom/visma-to-strengthen-its-offering-towards-smes-in-europe-with-the-acquisition-of-bokio-f58f5712) and holds a payment institution licence, so it combines bookkeeping with banking services. Finland's Netvisor came in 2012 and serves more than 40,000 companies and 800 accounting offices, according to [netvisor.fi](https://www.netvisor.fi/).

The Netherlands has the densest cluster: Visma bought at least five Dutch small-business finance brands between 2020 and 2025. Belgium looks different. We found no Belgian-founded SMB ledger in the group. Yuki, which is Dutch, has sold in Belgium since 2014, and the Belgian companies Visma bought serve accountants (Silverfin) or sit next to accounting (Teamleader, a CRM with invoicing).

Further south and east the pattern repeats at smaller scale. Visma [entered Spain with Holded](https://www.visma.com/newsroom/visma-moves-into-the-spanish-smb-market-by-acquiring-cloud-erp-software-company-holded-d6642128) in 2021, France with Inqom in 2022 and Portugal with Moloni in 2023. Several Central and Eastern European markets have a local Visma brand as well. In 2025 Visma [entered Brazil with Conta Azul](https://www.visma.com/newsroom/visma-enters-brazil-with-acquisition-of-conta-azul-a-leading-cloud-erp-provider-for-smbs-3b663ae0), a cloud ERP with about 100,000 SMB customers.

![Visma's accounting and SMB finance brands grouped by market, with Apideck support status for each brand](https://images.ctfassets.net/d6o5ai4eeewt/6zuPbWeqKqktkTZRfnTIiI/105aee5e741ee23deca8710f6ea523ba/portfolio-map.png)

![Bar chart of published customer counts for six Visma brands: e-conomic 250,000, Tripletex 150,000, PowerOffice nearly 100,000, Conta Azul about 100,000, WeFact 45,000 and Netvisor over 40,000](https://images.ctfassets.net/d6o5ai4eeewt/5NAR2AfH40CdywdtX5yWF7/a036bc10590f50701ab90ce1446ad787/customers.png)

Fortnox is the gap in the Swedish row. Visma made a recommended cash offer for Fortnox in March 2016, the Swedish Competition Authority moved to block the deal, and Visma [let the offer lapse](https://www.visma.com/newsroom/visma-not-to-complete-its-offer-for-fortnox-f44ee0f9) that June. Fortnox stayed independent. It was taken private in 2025 by an EQT fund together with First Kraft. Billy in Denmark and Fiken in Norway are also outside the group, which matters when a customer assumes every Nordic system is a Visma product.

## Buying the accountant's desk as well

A second pattern runs through the deal list. Alongside SMB ledgers, Visma buys the software accounting firms use to serve those SMBs. Yuki had more than 1,300 accounting firms on its platform when Visma bought it in 2020. Silverfin, bought in 2023, produces year-end accounts for about 850 direct customers covering roughly 320,000 end clients. SaldeoSMART in Poland served more than 1,500 accounting offices when Visma bought it in 2019, and Finmatics, bought in 2025, does pre-accounting for more than 1,200 offices in Austria and Germany.

For an integration team, this changes who the user is. In markets where an accounting firm keeps the books, the person who connects your product may be the accountant working inside a Visma tool, while the small business never logs in. Tripletex reflects this in its API: the username field of the session login can carry a client company ID, so one connection can act on a specific client company, per the [Tripletex authentication docs](https://developer.tripletex.no/docs/documentation/authentication-and-tokens/). Check whether your target brand has an accountant mode before you design onboarding around the business owner.

## How Visma buys

Visma tells founders considering a sale that "we don't change who they are", on its [page for prospective Visma companies](https://www.visma.com/become-a-visma-company). The acquisition announcements repeat it. When Visma bought e-conomic, it said the business would continue as an independent entity under its own brand. A [November 2025 Tripletex release](https://www.visma.com/newsroom/tripletex-reaches-150-000-customers-f2288527) says the company "has remained operationally independent" since 2016, while its customer base grew 15 times over to 150,000.

The 2025 annual report calls this "our decentralised model" and counts more than 170 business units. Its stated M&A focus is companies with "market-leading topline growth and long-term margin expansion potential". The model is old. Hg took Visma private and off the Oslo Stock Exchange in 2006, and KKR became majority owner in 2010. A [2020 investment round](https://www.visma.com/newsroom/visma-reaches-valuation-of-us-12-2-billion-after-new-investment-4ae191e0) valued the group at US$12.2 billion with Hg holding 54%. Hg and GIC both have representatives on the board today.

![Timeline of Visma's main accounting acquisitions from 2001 to 2026, including the lapsed 2016 Fortnox bid and the 2026 Dutch brand merger](https://images.ctfassets.net/d6o5ai4eeewt/9Kv1Z5mlcJZlEUWJeDrIM/af6e0cb20c7aed1b8033d94802daf891/timeline.png)

## Pruning before a listing

The group has also been selling and separating businesses. Visma sold Admincontrol to Euronext in May 2025 for EUR 421 million. In December 2025 it spun off Norvato, a group of businesses mainly serving larger organisations, according to the annual report. Both moves leave the remaining portfolio more concentrated on small businesses and their accountants.

Visma booked EUR 4.0 million of costs for a potential IPO in 2025 and another EUR 3 million in the first half of 2026. It has not announced a venue or date. [Press reports point to a London listing](https://www.cityam.com/visma-hesitation-tests-londons-ipo-revival/), and City AM reported in February 2026 that it could slip to the second half of that year.

## The brands are starting to merge

Since 2025 the decentralised pattern has started to reverse inside individual countries. Visma now calls its lead brands "National Business Platforms". The half-year report for 2026 names e-conomic in Denmark and Spiris in Sweden, and the 2025 annual report adds Holded and Inqom.

The Netherlands shows what that looks like. On 1 September 2026, Visma [merged four Dutch companies under the Nmbrs brand](https://www.visma.com/newsroom/nmbrs-becomes-vismas-business-platform-for-dutch-entrepreneurs). [Yuki](https://www.apideck.com/blog/how-to-integrate-with-the-yuki-api) is now sold as Nmbrs Accounting. WeFact became Nmbrs Invoicing. In Sweden, Visma Spcs was renamed Spiris in 2025, which took the Visma prefix off the name. The announcements do not say the underlying APIs change, but customers will start calling their system by the new name, and a support ticket that mentions Nmbrs may be about the accounting API you integrated as Yuki.

Product features are starting to travel between brands too. The 2025 annual report says Smartscan, Visma's document-reading service, runs in business units that represent more than 40% of group ARR. The 2026 half-year report says Spiris is adopting an AI advisory feature built by Dinero, which Visma calls the Virtual CFO. Shared features are arriving faster than shared APIs.

## Visma API access: a thin shared layer

Brands that kept their independence also kept their own APIs, although Visma does run some shared developer infrastructure. [Visma Connect](https://docs.connect.visma.com/) is the group's identity provider, built on OAuth 2.0 and OpenID Connect. Applications are registered on the Visma Developer Portal, which also feeds the Visma App Store, where public apps are reviewed one market at a time.

Few of the brands that matter for SMB integrations route through it. Dinero does: its multi-customer apps authenticate with Visma Connect, as our [Dinero API guide](https://www.apideck.com/blog/how-to-integrate-with-the-dinero-api) covers. Spiris and Visma eAccounting use a separate Visma identity server at `identity.vismaonline.com`, described in our [Spiris integration guide](https://www.apideck.com/blog/spiris-visma-eaccounting-api-integration). The other large brands each run their own scheme. We saw the same pattern at Sage, where [one vendor name covers several separate APIs](https://www.apideck.com/blog/the-sage-api-playbook-why-sage-cloud-is-not-one-api).

![Diagram of the shared Visma layer above seven brand APIs, showing which brands use Visma Connect, which use the Visma Online identity server, and which run their own authentication](https://images.ctfassets.net/d6o5ai4eeewt/30P8P05LfLZPR8bpzubwCb/b45b3e948b5ef784885e1f57901ea27e/auth-map.png)

| Brand | Market | Auth for a multi-customer app | Approval | Published rate limit |
|---|---|---|---|---|
| Dinero | DK | Visma Connect, OAuth 2.0 authorization code | Technical review by the Dinero team | 100 requests/min per organization |
| Spiris / Visma eAccounting | SE, NO, NL | OAuth 2.0 via `identity.vismaonline.com` | Spiris Partner Programme | 600 requests/min per client and endpoint |
| Tripletex | NO | Consumer token plus employee token, exchanged for a session token | Application, typically 2 to 3 weeks | Not found in public docs |
| e-conomic | DK | `X-AppSecretToken` and `X-AgreementGrantToken` headers | Free developer agreement; App Partner requirements to be listed | Token bucket per agreement; fair use 50,000 calls/day |
| Netvisor | FI | Custom headers with an HMAC-SHA256 signature per request | Partner ID and key from Netvisor support | No number published |
| PowerOffice Go | NO | OAuth 2.0 client credentials: application key, a client key per customer and a subscription key | Production access application, typically 1 to 2 weeks | No number published |
| Rompslomp | NL | Personal API tokens, or OAuth 2.0 credentials issued on request | Integration request to Rompslomp | Limited, value not published |

Sources: [Dinero](https://developer.dinero.dk/news/rate-limit-in-effect/), [Visma eAccounting authentication](https://developer.vismaonline.com/docs/authentication) and [rate limits](https://developer.vismaonline.com/docs/rate-limits), [Tripletex](https://developer.tripletex.no/docs/documentation/authentication-and-tokens/), [e-conomic](https://restdocs.e-conomic.com/), [Netvisor](https://support.netvisor.fi/en/articles/766842-api-authentication), [PowerOffice](https://developer.poweroffice.net/documentation/authentication), [Rompslomp](https://app.rompslomp.nl/developer/oauth).

None of these seven brands authenticates the same way as another. Approval at one brand carries no weight at another. The rate limits are not comparable either: Dinero counts requests per organization, while Spiris counts them per client and endpoint.

## Brand by brand: what changes in your code

e-conomic splits credentials in two. Your app holds one `X-AppSecretToken`, and each customer agreement produces its own `X-AgreementGrantToken` when the customer installs your app through its installation URL. Both headers go on every call to the REST API at `restapi.e-conomic.com`, so your token store keys on the agreement instead of a user. Rate limits apply per agreement too: a token bucket with a cost per endpoint, and a fair-use cap of 50,000 calls a day, per [e-conomic's rate limiting page](https://www.e-conomic.dk/support/artikler/rate-limiting-on-the-e-conomic-public-api).

Tripletex issues a consumer token to you as the integrator once your application is approved, and each customer creates an employee token inside Tripletex for your integration. You exchange the pair for a session token and send it as the password in HTTP Basic auth, with `0` or a client company ID as the username. Build and test against `api-test.tripletex.tech` while the approval runs.

Spiris and Visma eAccounting are the same product sold under different names: Bokföring & Fakturering in Sweden, Visma eAccounting in Norway and the Netherlands. One integration against `eaccountingapi.vismaonline.com` therefore reaches three markets, which makes it the cheapest Visma coverage per line of code. The 600 requests per minute limit applies per client and endpoint, so a full sync that pulls from one endpoint in a loop hits it before a mixed workload does.

Netvisor predates the REST era. Requests carry XML over HTTP to endpoints ending in `.nv`, and every call needs a set of `X-Netvisor-Authentication` headers, including a MAC computed per request. Netvisor now supports HMAC-SHA256 and is phasing out the older MD5 and SHA256 variants, per its [support documentation](https://support.netvisor.fi/en/articles/775766-adding-support-for-hmacsha256-adding-hmacsha256-support). A partner ID and key are mandatory even for an integration you build for a single company.

PowerOffice Go uses OAuth 2.0 client credentials with three keys: an application key for your integration, a client key for each customer connection and a subscription key from the developer portal. Rompslomp offers personal API tokens for a single account and OAuth 2.0 credentials for commercial apps, issued after an integration request, and it answers rate-limited calls with HTTP 429 and a `Retry-After` header. Yuki, now Nmbrs Accounting, still exposes SOAP web services at `api.yukiworks.nl`, which our Yuki guide walks through.

## Licence or partner: Visma's embedded finance

Visma's reports frame growth around AI and e-invoicing. The 2025 annual report uses the word fintech once, in a management biography, and reports no financial-services segment. Inside the brands, financial products are spreading anyway, and in the brands we checked the pattern is consistent: Visma holds a licence in a few places and rents one in the rest.

Bokio is the clearest licensed case. Bokio AB is a payment institution in the [Finansinspektionen register](https://www.fi.se/en/our-registers/company-register/details/?id=153919), and Visma owns 53.36% of its parent company, per the annual report. Visma Finance AB, [also registered](https://www.fi.se/en/our-registers/company-register/details/?id=177422) with the Swedish regulator, buys invoices from Spiris customers. Visma Pay, the Finnish payment gateway, [states on its own site](https://www.vismapay.fi/yritys) that it holds a payment institution licence, and Conta Azul [says Brazil's central bank authorised](https://contaazul.com/blog/conta-azul-obtem-licenca-de-instituicao-de-pagamento/) its payment institution in October 2024.

Where a product needs a balance sheet or a card licence, the brands embed a partner:

| Brand | Financial feature | Provider | Source |
|---|---|---|---|
| Holded (ES) | Business account and cards (Holded Wallet) | Swan, an e-money institution | [Holded help centre](https://help.holded.com/en/articles/10078878-holded-wallet-your-integrated-payment-account) |
| e-conomic (DK) | Company cards and spend management | Mynt, on Visa | [Mynt, August 2025](https://www.mynt.com/dk/press-och-media/mynt-and-e-conomic-partner-to-launch-company-cards-and-expense-management-for-danish-smes) |
| Dinero (DK) | Business account offer and receipt sync | Lunar | [dinero.dk](https://dinero.dk/integrationer/lunar/) |
| Tripletex and Visma eAccounting (NO) | Business credit line and SMB financing | Aprila Bank | [Visma, September 2022](https://www.visma.com/newsroom/visma-investerer-i-aprila-bank-for-a-lette-finansiering-av-smabedrifter-ba5bf5a2) |
| Bokio (SE) | Business account and Mastercard debit card | Svea Bank | [bokio.se](https://www.bokio.se/hjalp/bokio-foretagskonto/bokio-foretagskonto/vanliga-fragor-om-bokio-foretagskonto/) |
| Spiris (SE) | Invoice sales | Visma Finance | [spiris.se](https://www.spiris.se/vax-med-spiris/visma-administration/2000-finansiering) |

Aprila shows where Visma draws the line. In 2022 Visma agreed to invest NOK 22.5 million in the Norwegian bank and to move its Norwegian finance business into it, and its commercial chief said in the announcement: "we have no plans to become a bank".

Partners carry their own risk. Bokio's first cards were issued by Payrnet, the Lithuanian e-money arm of [Railsr](https://www.embeddedfinanceindex.com/vendors/railsr). When Payrnet failed in June 2023 the cards stopped working, and Bokio [moved its account and card](https://www.bokio.se/blogg/information-om-bokio-foretagskort-22-juni-2023/) to Svea Bank.

For an integration team this is the auth lesson one layer down. Payment and bank data reach each Visma brand through a different provider, so card spend that your product reads from e-conomic arrives through Mynt, while the same feature in Holded runs on Swan.

The [Embedded Finance Index](https://www.embeddedfinanceindex.com/) tracks this layer, and as of October 2026 it profiles 60 Visma companies, from the Nordic accounting brands to [Visma's own payment units](https://www.embeddedfinanceindex.com/companies/visma-pay). Each profile lists the payment, banking and lending providers that company discloses. Among the 80 accounting systems that profiled fintechs connect to, [Visma ranks 19th](https://www.embeddedfinanceindex.com/integrations/visma), named by 23 companies.

## Planning a Visma integration roadmap

Start from your customers' markets instead of the Visma name. Pull the accounting system field from your CRM or onboarding data and count by country. If most of your Danish customers are on e-conomic, Dinero can wait. A Visma Connect registration also does nothing for a Tripletex rollout in Norway, so plan each brand as its own project with its own credentials and approval.

Take the cheap coverage first. Spiris and Visma eAccounting share one API across three markets, so that integration often pays back before a single-country brand does.

Budget the approval time per brand. Tripletex quotes two to three weeks for a consumer token, and Dinero reviews your API traffic before you can onboard customers. Those weeks sit on the critical path regardless of how fast your team writes the code.

Design for the accountant. Tripletex, for one, lets a connection act on a specific client company. If your product connects through an accounting firm, your connection model may need one credential serving many companies.

Track names as well as endpoints. The Dutch merger shows that a brand your customers know can become a module of another brand, so let customers find their system under both names in your connector list and support docs. Expect the list to grow as well: Visma made 28 acquisitions and investments in 2025 and six more in the first half of 2026.

Apideck's [Accounting API](https://www.apideck.com/accounting-api) puts the Visma brands it supports behind one normalized REST API, with authentication handled on our side:

| Visma brand | Market | Apideck status (October 2026) |
|---|---|---|
| e-conomic | DK | Beta |
| Spiris | SE | Beta |
| Visma eAccounting | NO, NL | Beta |
| Netvisor | FI | Live |
| Yuki | NL, BE | Beta |
| Holded | ES | Beta |
| Dinero, Tripletex, Rompslomp, PowerOffice Go, Bokio | DK, NO, NL, SE | On the connector radar |

Pick your first two Visma brands by customer count in your own data, then check whether a unified API already covers them before you start a direct build.