Automated invoicing solution Enterpay has reportedly netted €1m in a funding round which will support its international expansion.
Alongside the investment, the FinTech has formed a partnership with German bank Volksbanken Raiffeisenbanken, according to reports in the media.
While the investors were not disclosed, it included both national and Nordic investors. On the back of the funding, the company will look to increase its domestic and international growth, as well as seek additional collaborations.
Finland-based Enterpay aims to improve the B2B e-commerce space by making a simplified management and invoicing service. Clients can use Enterpay to fully automate the invoicing process from the buyer identification and invoice delivery through to credit risk management.
The FinTech company also has the ambition of being a major collaborator with existing financial institutions, instead of trying to compete against them. While it operates in Finland, it is looking for partners around the world.
Last month, invoice financing solution Sonovate closed a £110m funding round. The company helps the recruitment industry get quicker access to money once they have placed a contractor in a role.
The Nordic’s FinTech sector has had a good start to the year. In the first six months of 2019 a total of $360m has been raised by the ten largest deals in the region. Between 2014 and H1 2019, a total of $2.1bn has been invested into FinTechs based in a Nordic country.