Finnish fintech Zervant has secured a €6m fundraise to bolster its online invoicing software for SMEs and entrepreneurs. The round was led by investment firm Tesi, alongside Northzone, NFT Ventures and Conor Venture Partners.
The platform is looking to lead the way in digital invoicing, after recent EU legislation coming into force this year aims to make electronic invoicing mainstream by 2020.
Already in use by 20,000 businesses across seven countries, Zervant plans to use the funding to grow the use of its software among SMEs and entrepreneurs, and to further develop its suite of premium features.
“We founded our company to ‘help entrepreneurs succeed’, and that is still what drives us day in, day out,” says Mattias Hansson, Zervant co-founder and CEO.
“This investment will help us to grow even faster across Europe, and help micro enterprises to benefit from the market shift driven by legislation.
“Regulatory changes in the financial space, along with the widespread switch to digital, present entrepreneurs with a whole new set of possibilities for running their businesses more efficiently.”
The company reports that 85 per cent of its current growth is originating in France, Germany and the UK, despite its Finnish heritage. Founded in 2010, Zervant’s current freemium model allows users to utilise its basic software for free, or purchase a subscription to its premium invoice delivery service and support network.
Jussi Sainiemi, Investment Director at Tesi, commented: “Zervant’s service is widely considered to be the technology leader in the field of digital invoicing for SMEs. We are particularly excited about the company, as it is our first investment in the fintech sector.”