Finland has the highest number of invoices sent in fully electronic format in the world, according to the accounting body ACCA. 89% of large and 59% of small businesses have already adopted e-invoicing, compared with the global average of 8.4%.
According to Zervant, small businesses are often late adopters, which is also true when it comes to electronic invoicing. But, in the last three years, the number of small businesses using electronic invoicing has more than doubled each year in the Finnish market.
The European Commission estimates that Europe-wide adoption of e-invoicing will bring savings of EUR 64.5 billion and 1 million metric tons of CO2 emissions per annum, due to reduced amount of postal invoices.
Zervant has raised 4 million Euros of funding to date, from the Finnish venture capital fund Conor Venture Partners, the Finnish government (Tekes), as well as angel investors. The company’s core markets are the UK, France, Germany, Sweden and Finland and it plans to make e-invoicing available to all European small businesses.
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