Finnish invoicing company Enterpay announced that it has closed a €1 million ($1.1 million) funding round, and has also entered into a partnership with German bank Volksbanken Raiffeisenbanken.
Headquartered in Helsinki, Enterpay’s automated invoicing payment solution works to optimize the payment process for B2B eCommerce companies, allowing them to increase profitable customers via improved credit scoring and automated invoicing. This latest round of funding will be used to bolster the company’s international reach, as well as enhance its services.
“We are proud to say that some of Finland’s most accomplished companies trust Enterpay to deliver unique, digital payment services to their B2B customers,” Jarkko Anttiroiko, CEO at Enterpay, said in a press release. “Our goal is to help corporates all over the world buy like consumers by digitizing the onboarding and risk management processes and improve the user experience. It should be just as easy for companies to shop online, as it is privately.”
“We are overly happy with the outcome of our recent funding round. We were not only able raise capital, but also to engage in collaboration and conversations with strong international players. While the money will accelerate our domestic and international growth, the industry knowledge and business know-how that these investments bring are equally beneficial to us. We believe that more can be achieved through collaboration, and want to be regarded as an enabler, not a competitor, by established, international financial institutions,” he added.
Enterpay already has partnerships with some of the leading Nordic businesses in credit management, invoicing, and finance. Its new relationship with Volksbanken Raiffeisenbanken, and its payment subsidy VR Payment, will enable Enterpay to strengthen its position in Europe. In fact, Volksbanken Raiffeisenbanken represents around 25 percent of the total €450 billion ($496.7 billion) European e-commerce market.
“In cooperation with Enterpay, we offer an invoicing payment solution that embraces our commercial customers’ digital agendas and enhances the customer experience in a cost and time effective manner,” said Carlos Gómez-Sáez, CEO of VR Payment.