Zervant raises €6m to exploit EU e-invoicing directive

Zervant, a Finnish provider of online invoicing software for small business and entrepreneurs, has raised €6m in funding.

The investment round was led by Tesi, along with Northzone, NFT Ventures and Conor Venture Partners. Headquartered in Espoo, Finland, Zervant offers simple, intuitive invoicing software. Its solution is used by 20,000 business customers across seven countries, with 85% of current growth coming from France, Germany and the UK according to its website.

The funds for the electronic invoicing solution comes shortly before the EU has issued a directive on the matter. The European Commission aims to make electronic invoicing the main form of invoicing in Europe by 2020.

In 2010, Michel Barnier, commissioner for the Internal Market and Services, said  “E-invoicing has the potential to make a big difference, for businesses, consumers, and European trade as a whole. The benefits in terms of saving time and money are fully in line with our Europe 2020 strategy and with the Digital Agenda for Europe in particular.”

With new capital on board, Zervant plans to to grow the use of electronic invoicing among its core demographic, micro businesses, as well as introduce a range of premium features for users.  As a part of the financing round Niklas Savander will also join Zervant’s board. Niklas has over 20 years of experience as an executive in global technology companies, and expert knowledge within the financial sector.

Mattias Hansson, Zervant co-founder and CEO, added: “This investment will help us to grow even faster across Europe, and help micro enterprises to benefit from the market shift driven by legislation. We’re also looking forward to offering them new solutions that will speed up their invoicing cash flow.

“Regulatory changes in the financial space, along with the widespread switch to digital, present entrepreneurs with a whole new set of possibilities for running their businesses more efficiently. It’s our goal to make sure that they have access to all this potential – be it by helping with access to finance or helping our customers make smarter business decisions.”

Last year, e-invoicing and e-document processing service CloudTrade partnered with Valtatech in an attempt to pursue global expansion. CloudTrade said that the partnership would also strengthen its presence in Australia, Asia and Pacific markets (APAC).

Copyright FinTech Global 2018

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