March 14, 2019

Fitek Group’s 2018 Turnover is 21.5 Million Euros

Coming in 2019: Fitek introduces a new invoice portal for small- and medium-sized businesses

The Baltic- and Europe-based finance technology and e-invoice solution provider Fitek Group reports 21.5 million euros in turnover for 2018. The company’s turnover was 13.5 million euros for 2017. Behind the 60% growth in turnover is the growth of the company’s purchase invoice process FitekIN, sales invoice business capacity expansion in the Baltic states, and geographic expansion to the Balkan states.

In 2018, Fitek continued its expansion. In the beginning of the year it acquired a majority share of the Lithuanian concern SIS. In spring, Fitek purchased shares in a Serbian e-invoice and digital printing business, and expanded to the UK in autumn.

Fitek Group clients include 380 Estonian state institutions, private-sector businesses of all sizes, including Tele2 Estonia, Latvenergo and Lattelekom in Latvia, Maxima in Lithuania, and the bookkeeping company Grant Thornton in Europe.

“In 2019 we’ll continue to expand to new countries, and we plan to invest approximately one million euros in current- and new-product development. We expect the fastest growth from our purchase-invoice business, where we plan to double capacity,” says Mait Sooaru.

This spring Fitek will bring an entirely new solution to the marketplace: a self-service invoice management portal created for small- and medium-sized businesses. This new product will make e-invoices available to all who desire them, allowing e-invoices to be easily assembled and sent, including small quantities of invoices at no cost. The solution is connected to all local e-invoice channels and international invoices may also be sent.

Andres Lilleste, Fitek’s Business Director: “With this new product we want to give everyone the possibility to send and receive e-invoices, as well as meet the requirements of state suppliers. We’ll offer this new solution in several European states.”

The financial solutions company Fitek Group operates in Estonia, Latvia, Lithuania, Great Britain, Slovakia, Servia, and Bosnia and Herzegovina. The company exports its services to 20 states. The group employs 270 people, and it’s 2018 turnover was 21.5 million euros.

As a Estonian Government e-invoice operator, Fitek helped the State Shared Service Center implement a change in the Accounting Act. The jointly developed solution turned out to be very successful, and 90% of the invoices sent to the state in July were e-invoices.

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Fitek UK Ltd were happy to host Priit Masing from the Estonian Government when he visited Leeds on Thursday 5th September. Mr Masing’s visit will further the Estonian Governments involvement with the Yorkshire region and the growing digital and tech sector that is fast developing a worldwide reputation.

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Fitek has launched a European e-invoice portal InvoiceGate.com, enabling small- and medium-sized enterprises to send and receive e-invoices simply and transparently. E-invoice portal is a technologically advanced platform with a modern appearance. The platform enables the user to send and receive e-invoices locally and throughout the European network PEPPOL. InvoiceGate.com launch started with localized e-invoice portal arved.ee launch in Estonia in June 2019.

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