Fintech startup Zervant strikes multi-million Euro deal with ING Belgium
Finnish fintech startup Zervant recently signed a substantial deal with ING Belgium, part of ING Group – one of Europe’s largest banking groups. It is one of the first major deals a Nordic fintech startup has done with a leading European bank.
The deal enables ING Belgium to acquire the rights to rebrand Zervant’s invoicing software, which is currently used by small businesses and entrepreneurs throughout Europe, and to sell it via their own channels. Under this licence, the software will be marketed as ING invoice solutions.
During the first phase, ING Belgium will have the rights to sell the tool in Belgium, with a potential opening to other entities in the Group . Overall, the deal strongly supports ING Belgium’s innovation strategy within fintech, and also strengthens Zervant’s position as one of the leading providers of invoicing software throughout Europe.
The partnership with ING Belgium aims to provide small and medium sizes businesses a better tool for managing their invoicing and financial documentation needs online, an essential step in the move towards digitalisation.
“This co-operation strengthens Zervant’s position as a leading online invoicing software provider in Europe. At the same time, it is a significant step forward for us. It will allow small and medium sized businesses in Belgium to use the tool for all their e-invoicing needs. With the deal, Zervant hopes to substantially increase its turnover for the year, and backs up our growth initiatives”, says Zervant co-founder and CEO Mattias Hansson.
Speaking about the deal Rik Vandenberghe, CEO ING Belgium, added that “ING Invoice Solutions is yet another example of how ING Belgium is creating a differentiating customer experience. By offering our customers the possibility to simplify their invoicing we are taking our services a step further. When it comes to innovation, we strongly believe in collaboration. The partnership with Zervant allows us to go beyond traditional banking and to respond to the changing needs of our clients.”
Zervant’s service already has over 100,000 users and its core markets are Sweden, Finland, Germany, France and the UK. The startup aims to bring e-invoicing to entrepreneurs across Europe.