Fitek and Unifiedpost Group surpass milestone of 10,000 companies signed up for e-invoicing in Estonia

News
08.01.2020
La Hulpe, Talinn

Unifiedpost Group has made it its mission to lead the digitalisation of companies in Europe. This week 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.

Leading European FinTech firm Unifiedpost Group has reached a new milestone in its mission to digitalise companies’ documents flow, with 10,000 Estonian companies signed up to subsidiary company Fitek’s invoicegate project.

Fitek launched digital invoicing portal 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.

Unifiedpost Group CEO Hans Leybaert comments:
“Companies all over Europe are preparing for the future by moving away from paper invoices to fully digital e-invoices, with an eye to being both efficient and sustainable. We look forward to rolling invoicegate out beyond Estonia in the new year, offering a secure digital invoicing platform to the benefit of companies, their clients and their suppliers.”
(*) Warning about future statements: The statements contained herein may contain forecasts, future expectations, opinions and other future-oriented statements concerning the expected further performance of Unifiedpost Group on the markets in which it is active. Such future-oriented statements are based on the current insights and assumptions of management concerning future events. They naturally include known and unknown risks, uncertainties and other factors, which seem justified at the time that the statements are made, but may possibly turn out to be inaccurate. The actual results, performance or events may differ essentially from the results, performance or events which are expressed or implied in such future-oriented statements. Except where required by the applicable legislation, Unifiedpost Group shall assume no obligation to update, elucidate or improve future-oriented statements in this press release in the light of new information, future events or other elements and shall not be held liable on that account. The reader is warned not to rely unduly on future-oriented statements.

2 Apr 2019
Unifiedpost Group expands to the Baltics, Central and Eastern Europe with the acquisition of Fitek Group
Unifiedpost Group, one of Europe’s leading FinTech firms, acquires Fitek Group, the Baltics, Central and Eastern European market leader in financial automation processes. The acquisition of Fitek Group, with HQ in the Baltics, offers Unifiedpost Group an opportunity to expand its activities to 8 countries in Europe where it was not yet active. With this acquisition, Unifiedpost Group reconfirms its growth strategy through acquisitions and becomes a leading player on the European e-invoicing market.
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