Electronic solutions for financial management from Finland to other European countries

4/10/2015
Heeros is looking for global growth with support from the Team Finland LetsGrow financing programme.

Founded in 2000, Heeros is a company focusing on cloud-based financial management. Its product selection includes desktop and mobile applications covering all the financial management processes: archiving of purchase and sales invoices and travel expense reports, e-invoicing, accounting, banking connections and payroll calculations. The company specialises in e-invoicing and its automation.

Apart from offices in Helsinki and Jyväskylä, Heeros has a subsidiary in the Netherlands that recently began operations. Heeros's star is on the rise – the company's turnover, now EUR 5 million, has increased by approximately 30 percent annually. Heeros has been included on Deloitte's Technology Fast 50 list of fast-growing companies several years in the row. The company currently has 47 employees, and the number is growing.

"We relieve our customers from processing paper invoices. Our clientele consists of over 4,000 companies, which include both accounting firms and direct clients. Accounting firms offer Heeros solutions to their clients, thus increasing their turnover through new services. Our direct clients, who are mainly SMEs, use our software in order to streamline their financial administration, payment transaction and archiving operations", says Matti Lattu, Managing Director at Heeros.

Heeros's primary market is Finland, but it is now time to expand to the international markets, as well. Competition in Finland has become increasingly tight, and international companies have bought practically all of Heeros's competitors.

'We still have full control of all our operations, which is a great advantage.'

Accelerating growth through Team Finland LetsGrow

The Team Finland LetsGrow financing programme is based on the premise that Finnvera grants an unsecured loan, Tekes provides grant for innovation services and Finpro advice on growth and internationalisation. Heeros uses LetsGrow to boost its international operations. The operations of the subsidiary in the Netherlands are being expanded, and the company is also looking to gain foothold in Sweden. In addition, Heeros is planning to open a customer service and invoice scanning service centre in the Netherlands.

"In my opinion, the best thing about LetsGrow is that it combines financing from various sources into one package. A company looking for financing is after funds – where the money comes from or how is of secondary importance. Besides, Tekes and Finnvera's joint model facilitates the combination of various operations in the project flexibly", Lattu points out.
'We expect our turnover to increase to EUR 15 million in five years. By that time, our international operations should also be established and stable.'

Tekes has provided Heeros with funding for product development through various projects, of which the development of the company's e-invoicing solution is a particularly successful example. A loan from Finnvera was used earlier to start international operations.

Kaj Nordgren
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