Finnish fintech startup Zervant has announced €4M in funding, led by Northzone and Conor Venture Partners.
The investment will be used to further boost the international expansion of Zervant’s invoicing services, designed for freelancers and small businesses. The additional funding will also see Zervant add new features to their product, such as invoice finance, to help entrepreneurs get paid even quicker.
“The investment will help us expand significantly and strengthen our position as the leading invoicing service for small businesses in Europe. We will accelerate growth in our current markets as well as expand into new countries”, says Mattias Hansson, Zervant co-founder and CEO.
“In the next 5 years, there is going to be a tremendous shift towards electronic invoicing and more accessible financial products for micro enterprises. We want to lead the way in this segment.”
The majority of this Series A funding was raised from two VCs - Northzone and Conor Venture Partners. Northzone is a technology investment partnership that has invested in companies such as Spotify, iZettle and Klarna. Conor Venture Partners specialises in early stage technology investments and has been an investor in Zervant since early 2015.
“Northzone invests in scalable businesses with passionate management teams that can create market leaders in markets with significant opportunity. We believe Zervant is a great example of a company that is gaining traction quickly in a market that's at the verge of transformation. We look forward to working with the team to create a winner in e-invoicing”, says Bjørn Stray – General Partner, Northzone.
This latest funding round brings the total raised by Zervant to more than €8M. In June, Zervant also announced a multi-million Euro deal with banking giant ING in Belgium. Going forward, Zervant plans to continue working together with the banking sector, whilst also expanding its own business.
Zervant is used by tens of thousands of entrepreneurs all over Europe. Its core markets are Finland, Sweden, Germany, France and the UK.
Zervant's revenue is set to grow by 200% this year.