December 20, 2019

Fitek surpasses milestone of 10,000 companies signed up for e-invoicing in Estonia

In December 2019, Fitek, acquired by Unifiedpost in 2019, surpassed the milestone of 10,000 Estonian companies signed up to their tool arved.ee – with 87% of invoices sent as fully digital e-invoices.

Fitek launched digital invoicing project Invoicegate under the label arved.ee in late May 2019 to facilitate the use of e-invoices for small and medium-sized enterprises within the Estonian market. It has since delivered more than 50,000 invoices – of which almost 87% are machine readable, or true e-invoices.

“Creating and sending an e-invoice must be extremely simple and not require any special expertise. Our aim is to make it easier to send an invoice than to send an email,” says Andres Lilleste, Fitek Business Manager. Arved.ee is developed in co-operation with users, who are encouraged to share comments and tips with the Fitek team, enabling the product to be customised to the needs of different users. The number of companies using the portal exceeded 10,000 in early December.

Across Europe, companies are rapidly adopting tools to move away from paper invoices, and the readiness of Estonian public authorities to receive only e-invoices accelerates the take-up of digital invoices more widely. Lilleste adds: “The launch of Arved.ee coincided with an amendment to the Estonian state accounting law. The state requirement to receive only e-invoices will also encourage organisations using our solution to exchange e-invoices among themselves. We are currently expanding our services and by the end of next year, we plan to be live in at least 12 countries. In this advanced e-environment, we can work on solutions that make it as easy as possible for a customer to send and receive invoices, and thanks to Unifiedpost Group, we’ll soon be able to include payments and financing in arved.ee.”

The total value of arved.ee’s delivered invoices over the past seven months surmounted 100 million EUR, with the largest single invoice delivered totalling 1.8 million EUR. A record was set in early December, with users sending 801 invoices in one day.

About AS Fitek

Fitek is a member of the Fitek Group, a financial technology solutions company operating in Estonia, Latvia, Lithuania, the United Kingdom, Slovakia, Serbia and Bosnia and Herzegovina, and exports its services to 11 countries. The group employs 270 people and has an annual turnover of over EUR 21 million.

Andres Lilleste

Fitek Business Manager
Andres.lilleste@fitek.com
56620100

CEF

CEF finances projects which create new connections in Europe’s energy, transport, and digital networks. Its goal is to make the European economy more environmentally friendly through different sustainable modes of transport, fast broadband connections and support for renewable energy in compliance with the Europe 2020 strategy.

Head of Fitek Global Inbound Business Unit, Indrek Allas, will share his experience at the Estonian Accountants’ Conference on "E-invoicing and digitalization - where is the benefit?" by talking about sending and receiving e-invoices, and about the newly launched self-service platform Arved.ee. This e-invoicing platform is developing fast and will have 8,000 users by mid-October.

Learn More

Fitek has become a member of Foreign Investors Council (FIC) in Serbia.

Learn More

Fitek Group, the leading Baltic and European fintech and e-invoice solutions provider, will participate in the most important event of the year for financial leaders at the Slovakia-CFO Forum. The event will be interactive in nature, bringing together unique stories, talk shows, speaker discussions, and inspirational presentations. Fitek will be participating as the event’s Gold sponsor, as well as one of the event’s speakers.

Learn More