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.

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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