Klever app puts paper bills into the past
No more lost bills or missed due dates. Finnish startup Klever wants to eradicate paper bills with its groundbreaking mobile application for easy bill payments and consumer financing.
Paying bills can be a pain. Despite our good intentions, due dates get forgotten, paper bills misplaced and email bills lost in a full inbox. Cue a distraught consumer and a company spending time and money chasing a late payment. But Finnish startup Klever believes it has a solution for both parties: mobile invoices.
“It is incredible, but today there aren’t really any options for paying bills other than a bank account,” says Jussi Muurikainen, head of communications at Klever. “We are introducing a mobile platform for this. You don’t have to go to your online or mobile bank anymore to pay bills.”
How the Klever app works is simple. It gathers all of a user’s bills into the same service, sets due date reminders and allows payments to be confirmed with fingerprint authentication. The user verifies their bills with the app by forwarding an email bill or taking a picture of a paper bill, and all subsequent invoices are then sent to the app automatically.
You don’t have to go to your online or mobile bank anymore to pay bills.
Even this step will soon be automated. In July, Klever announced a partnership with PostNord Strålfors, the largest invoice distributor in the Nordics. PostNord will start to offer Klever as a new mobile invoice channel to its over 60 000 corporate customers in Finland as of late 2018. For consumers, this means a smoother payment process, while businesses benefit from cost-efficient invoicing and faster payments.
“[In future] when you start to use the Klever app you can just click and choose for all your bills to be delivered there,” Muurikainen enthuses. “This will happen through integrations with invoice distributors, so you don’t have to manually add any bills to the app anymore.”
Behind Klever are two Finnish serial entrepreneurs, Jeanette Samuelsson and Simon Sandvik. They started to wonder why bills are often paid at the last moment or late and how the process could be made smoother. This is when the idea for mobile invoices was born.
The duo were quick to set the ball rolling. Klever was founded in 2016, the app was soft-launched in late 2017, and it has been downloaded nearly 40,000 times since. The app has also caught the eye of investors. Klever has raised close to 4.5 million euros in funding to date, including 1.5 million euros through an equity-based crowdfunding campaign on Invesdor.
This money and Klever’s 10-person team have been put to work on a broader launch of the app in early 2019. The new options include the ability to move up due dates, split payments into smaller instalments and access other consumer financing options, while invoices are still paid on their due date. The first to offer these services with Klever is credit management company Lindorff.
Klever is also discussing similar financing and integration partnerships with other Nordic banks and invoice distributors.
For now, Klever’s focus is on building its customer base and partnerships in Finland, but the long-term goal is to expand across Europe.
“We aim to create scale and reference cases with our Nordic partners. This will make it easier to take our partnership model to new markets,” Muurikainen says. “The volume of paper bills remains a universal problem. In Europe alone, around 18 billion bills are sent to consumers annually and 80 per cent of them are on paper.”
The issue isn’t only the cost of sending and processing paper invoices, or how easily they get lost, but the lack of customer interaction they provide. This is why Klever already has plans to expand its service beyond bills.
“After we have completed the financing side, we can build a new mobile channel on top of it for invoicing companies to offers other services, like contract upgrades. This won’t happen tomorrow, but it is where we are heading in the future,” Muurakainen concludes.
Text: Eeva Haaramo