Invoicing solutions by Finnish companies

Finland’s fascination with digital solutions has greased the wheels for numerous industries. These five companies offer solutions which enable entrepreneurs and companies to do away with the clutter of invoice-related paperwork and focus on more pressing matters.

1. EFFICIENT AUTOMATION: BASWARE

Founded in 1985 and headquartered in Espoo, Basware is a global leader in AP (accounts payable) automation and invoice processing. The company’s cloud-based technology enables businesses to fully manage their spend, mitigate financial risk and reduce the cost of operations via automation.

“The industry has been calling for enhanced automated solutions to support AP departments, and we’re helping our customers save time and money, while remaining compliant with ever-changing global regulations,” said CEO Jason Kurtz.

Today, Basware’s solutions are used by thousands of companies worldwide, helping to handle over 220 million invoices per year. 2023 was one of the most successful financial years in the company’s history, helping Basware to accelerate its major global expansion.

2. SMOOTH BUSINESS MANAGEMENT: HEEROS

Established in 2000, Heeros is a provider of cloud-based business management solutions. The company’s comprehensive suite of software tools includes electronic invoicing, purchase invoice management, travel and expense management, and financial reporting.

The company’s commitment to innovation and customer-centric approach has made it a trusted partner for numerous businesses across Finland and beyond. Roughly 500 000 invoices in over 20 countries are processed every month using the Heeros software.

“Our customer relationships are long term with approximately 18 000 existing customers,” CEO Niklas Lahti wrote in a blog post. “Our churn rate is low, reflecting [the] loyalty and stickiness of our customer base. Moreover, over 95 per cent of our revenue is recurring, highlighting the predictability of our business model.”

3. INVOICE LIFECYCLE MANAGEMENT: ROPO CAPITAL

Since its launch in 2008, Ropo has grown rapidly to become a key player in the Nordic region’s financial technology sector, with a special focus on invoice lifecycle management and e-invoicing solutions. The Kuopio-headquartered company helps its customers to unify and streamline all invoicing processes to create a seamless workflow with improved cashflow and control.

With a turnover of over 100 million euros and proprietary platform used by more than 10 000 companies, Ropo employs nearly 400 financial specialists in Finland, Sweden and Norway. And the company is striving to gain an even stronger international foothold.

“Our platform offers unmatched value to our customers in terms of smooth integrations, user friendliness and business value,” commented CEO Ilkka Sammelvuo. “We have an exciting journey ahead of us to further build on and extend our value proposition and positioning in the Nordic markets and beyond.”

4. FOSTERING FINANCIAL INDEPENDENCE: UKKO.FI

Based in Helsinki, this fintech company provides invoicing and financial management services tailored for freelancers, sole proprietors and small business owners. Founded in 2012, UKKO.fi has revolutionised the way independent workers manage their finances by offering a platform that simplifies invoicing, taxation and income reporting.

By offering a user-friendly and comprehensive service, UKKO.fi empowers self-employed professionals to focus on their core activities while ensuring that their financial operations are handled smoothly and compliantly.

“Facilitating and supporting entrepreneurship are socially important topics, and the change in working life creates a constant strong demand and need for our services,” said CEO Lauri Timgren.

6. FINDING BALANCE AS AN ENTREPRENEUR: HOLVI

Since 2011, Holvi has made it its mission to simplify financial tasks that freelancers and small business owners face. The Helsinki-based company offers a comprehensive digital banking platform that integrates business current accounts with essential financial tools such as online invoicing, expense management and accounting.

Holvi takes pride in that, in 2023, it demonstrated robust performance and saw significant growth in its finances and customer base, despite the general economic challenges. Building on the momentum, Holvi aims to continue to innovate and expand its footprint in the European market.

“Looking ahead, we’re set on building even more on our strong base to improve our offerings and grow in our key markets, especially in Germany,” commented CEO Tuomas Toivonen. “Our solid foundation and customer-centric approach position us well to continue this path.”