A Finland-based FinTech startup just secured new funding to boost its invoice services.
Reports on Tuesday (Aug. 16) revealed a $4.5 million funding round for Zervant led by Northzone and Conor Venture Partners. The company said it will use the backing to expand globally.
Zervant provides invoicing solutions for corporate clients across Europe. In addition to geographical expansion, Zervant said it would also plan to expand its product offering to launch tools, like invoice financing, in addition to its eInvoicing platform.
“The investment will help us expand significantly and strengthen our position as the leading invoice service for small businesses in Europe,” said the startup’s cofounder and CEO, Mattias Hansson, in a statement. “We will accelerate growth in our current markets, as well as expand into new countries.”
He did not elaborate on specific targets for geographical expansion, however.
In a separate statement, Northzone General Partner Bjørn Stray said Zervant is a startup that is “scalable” and “passionate.”
“We believe Zervant is a great example of a company that is gaining traction quickly in a market that’s on the verge of transformation,” Stray stated. “We look forward to working with the team to create a winner in eInvoicing.”
Northzone has also invested in other tech companies, like iZettle and Spotify.
In total, Zervant has raised more than $9 million in funding, according to reports. Earlier this year, the company announced a deal with ING Belgium, which saw the banking group gain the rights to rebrand Zervant’s eInvoicing software under its own name.