April 2, 2019

Fitek and UnifiedPost join forces and create major fintech player

Baltic-based Fitek joins Benelux’s UnifiedPost to create major European fintech player.

Fitek Group is pleased to announce it joins UnifiedPost Group, one of Europe’s leading FinTech firms. The transaction was signed on 29th of March 2019, waiting Latvian regulator opinion.

“Combining efforts means not only the creation of a major FinTech player across Europe, but it is a great deal for our customers, as well,” says Mait Sooaru, CEO of the Fitek Group. “More specifically, a widened product portfolio to serve our customers’ e-invoicing and payment serviced needs.”

Both companies have a similar services portfolio and are engaged in financial process automation. The continuous digitalization in Europe ensures a bright horizon for UnifiedPost Group and Fitek Group, driving their customers’ automatization processes and creating abundant new business opportunities in Europe and beyond.

Hans Leybaert, CEO of UnifiedPost Group: “Our ambition is to grow internationally and to further strengthen our position as a leading player in the FinTech landscape. With both companies coming together, we not only expand our European footprint, but are also getting extra people with solid knowledge of the sector onboard. The growth strategy of UnifiedPost Group is reconfirmed with this acquisition.”

Unified Post, CEO Hans Leybaert

The transaction sees the exit of Fitek’s strategic investor, the private equity fund BaltCap, whose shares have been acquired by UnifiedPost Group. Fitek minority shareholders Kaur Lohk and Mait Sooaru will continue as shareholders and executive management. The new group will operate under the “UnifiedPost Group” name, but both UnifiedPost Group and Fitek Group will continue to operate in their respective markets under the brand names their customers are familiar with, “Fitek” in the Baltics, Balkan, CEE and Nordics, and “UnifiedPost” in Benelux countries.

Our investment in Fitek Group has been a resounding success,” said Kristjan Kalda, BaltCap’s Partner. “We had planned to remain a shareholder for a longer period of time. Though this happens sooner than expected, it is a perfect opportunity for not only shareholders, but customers and employees of Fitek Group and UnifiedPost Group.”

1 July marks one year since the state of Estonia started accepting only e-invoices. This move made the state a pioneer in the transition to modern settlement solutions in Estonia; in one year, state agencies have received 370,000 e-invoices from their cooperation partners. Financial technology company Fitek, the operator of e-invoices for state agencies, estimates that the share of e-invoices received by the public sector has more than tripled, reaching 98%.

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Fitek, part of Europe’s leading financial technology company Unifiedpost Group, is to start cooperation with SEB Bank integrating e-invoice sending platform for SEB business clients. Initially, functionality will be launched in Estonia.

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Financial technology company Fitek together with its parent company Unifiedpost is developing the Invoice Gate service www.invoicegate.com. The e-invoicing solution was recently launched in Latvia and Lithuania, and 8 more countries will be added in July. In Estonia, the e-invoicing solution arved.ee aimed at small and medium-sized enterprises has been in use for a year, and almost 13,000 companies have joined it. Almost 90% of the invoices sent are e-invoices.

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