Estonia, EU – Baltic States, Financial Services, Good for Business, Internet, Technology

Approximately 13,000 companies have joined the Estonian e-invoicing solution arved.ee, which is aimed at small and medium-sized enterprises (SMEs). More than 100,000 invoices have been sent and 87 percent of them are e-invoices, Fitek said.

Arved.ee is one of the e-invoice services of Fitek and its parent company Unifiedpost for SMEs. In Europe, the service is called Invoice Gate and it is being developed in Estonia.

Fitek managing director Andrus Kaarelson said that an estimated quarter of SMEs have registered as users of arved.ee in Estonia. "Most invoices are sent from company to company or from company to state. The introduction of e-invoicing saves businesses time and money," Kaarelson said.

Fitek business manager Andres Lilleste said that arved.ee will remain available free of charge in its current form, but in July paid services will be added, such as the possibility to upload a data file with invoice information and send e-invoices to the bank. "The bank's e-invoice is the most popular channel among private individuals in Estonia," Lilleste said.

Fitek Grupp operates in Estonia, Latvia, Lithuania, Slovakia, Serbia and Bosnia and Herzegovina and employs 280 people. Fitek Grupp is owned by the Belgian company Unifiedpost.

Unifiedpost Group is a group of European fintech companies with a revenue of 70 million euros last year, employing more than 800 people, more than 90 of whom are engaged in research and development.