March 2, 2017

Fitek is expanding in Europe

Fitek Group has acquired a shareholding in the Slovakian financial technology company, SmartPost. This is the next step in the expansion plans of the Fitek Group. Fitek has been exporting its services to Scandinavian countries, Germany and Poland. By acquiring a shareholding in SmartPost, Fitek homemarket expands to Slovakia. The acquired company will be renamed to Fitek.

Mait Sooaru, Fitek Group CEO: “Slovakia is the next step for us in Europe. Bratislava is logistically very well located. That gives us a potential to grow further into Czech Republic, Austria, and Hungary. Slovakia, with its population of 5.5 million, is a rapidly developing market, where machine-readable e-invoices are not yet widespread. We are a growing financial technology company and a pioneer in the area of e-invoices in the Baltic States, so we are able to share our experience in other European countries. Several Slovakian companies have already expressed interest in Fitek current invoicing solutions.”

SmartPost is a fast growing Slovakian invoice operator with a annual turnover of one million euros in 2016. The company employs fifteen people, and has clients which include financial institutions, infrastructure service providers, and telecom companies.

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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