Klippa, the thriving international company received an investment of 1.2 million euros, with the fintech disruptor Bizcuit Group as the main investor. Klippa intends to use 1 million euros to speed up innovation, the remaining 200,000 euros will be used to buy out early-stage angel investors. The investment is significant at a time of global uncertainty due to the outbreak of COVID-19.
Co-founder and CEO Yeelen Knegtering, “the current crisis at COVID-19 makes the digitalization of business processes and remote working more important than ever. With our tools, employees can complete their administrative tasks anywhere and at any time, allowing companies to work safely from home and accelerate their administrative processes by up to 70 percent”.
At the same time, Bizcuit is one of the first companies in the Netherlands to offer the full scope of the PSD2 license to SMEs and freelancers. It develops and markets B2B cloud solutions for SMEs and freelancers and invests in companies with similar objectives. The parties first came into contact when the subsidiaries of the Bizcuit Group, Minox (accounting software) and Bizcuit (fintech software), started using Klippa’s intelligent document processing APIs.
Hessel Kuik, owner and CEO of Bizcuit Group explains that “after a rigorous supplier selection process, we selected Klippa as a partner to provide us with the best automation in financial document processing. We have worked together with Klippa for over three years, incorporating their technology into several of our offerings. Klippa impressed us with their features, speed and quality of document processing, so we decided to take our business relationship to the next level with this investment”.
Knegtering added that “we are very happy to collaborate with the Bizcuit Group, they understand our philosophy and share our digital vision. Many companies still struggle with manual processing of documents such as invoices and receipts, wasting time that could be spent on their core business. We hope that more companies will want to digitize their processes, since most businesses operate from home. Even when it is safe to return to the office, scanning will be important to maintain financial health.”
This investment is the fourth since the software scale-up went into effect in 2015. The scale-up started hiring Spanish talent last year, due to the high demand for innovative technology in the Spanish market. Knegtering assures that “Spain is a big market and is in need of innovative technology. In the first six months, we were able to process more than 100,000 Spanish documents per month. In 2020 we will double our efforts to conquer this market and grow even faster.
In addition to strengthening its position in the Spanish market, Klippa will enter at least three more countries this year, offering its smart document technology in Switzerland, Austria and the UK.