The funding will be used to promote the use of electronic invoicing among micro-businesses and introduce a range of new features to the invoicing software with a view to reducing the financial burden of small business owners.
“We founded our company to help entrepreneurs succeed, and that is still what drives us day in, day out,” says Mattias Hansson, the co-founder and chief executive of Zervant.
Zervant tripled its customer base to 20 000 businesses and entrepreneurs in 2017, with 85 per cent of the growth coming from France, Germany and the UK.
Jussi Sainiemi, an investment director at Tesi, is impressed – but not necessarily surprised – by the breakneck growth. “Zervant’s service is widely considered to be the technology leader in the field of digital invoicing for SMEs,” he says. “We are particularly excited about the company as it is our first investment in the fintech sector.”
Hansson believes the new funding will help the startup achieve even greater growth, especially following the adoption of an EU directive designed to make e-invoicing the prevalent form of invoicing in Europe by 2020.
“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 business more efficiently,” he tells. “It’s our goal to make sure that they have access to all this potential – be it by helping with access to finance or helping our customers make smarter business decisions.”
The news follows the company’s announcement of a four million-euro funding round in 2016.