Estonian fintech firm launches HQ in Leeds

Estonian Invoice Processing and Automation specialist, Fitek, has chosen Leeds as the HQ for its UK operations, where it will invest around £600,000 in the coming six months.

Its office is going to be central Leeds based, with the exact location to be confirmed. The decision to set up its UK headquarters in the city came after Fitek visited Leeds as part of a trade delegation organised and supported by Fintech North and Leeds LEP in 2017.

Tristan Chuku, Fitek’s first UK employee, said: “Leeds is the perfect place to base the Fitek business.  Yorkshire’s economy has its heritage and strengths in the very sectors that Fitek have enjoyed huge success in right across Europe.  Our solution will bring huge improvement in efficiency and cost savings to SME businesses in manufacturing, construction,  logistics and professional services.”

Mait Sooaru, Fitek’s Group CEO added: “We are always looking for possibilities to offer our solution in new markets and expansion to a number of markets is taking place at this moment.  We are delighted to have opened an office in Leeds  and it is exciting that, after months of planning,  our first employees are at work.”

Fitek’s expansion into the UK comes on the back of very swift and sustained growth for the company. The group has almost doubled in size over three years with its profit keeping pace with the growth. In addition to the Baltic States, Fitek is operating in Slovakia and in the states on the Balkan Peninsula. Fitek has 270 employees in seven countries and exports products to 20 nations. Its 2018 turnover prognosis is 20.6 million euros. Fitek’s purchase invoice solution is growing at 60% each year.

Kaur Lohk, Board Member of Fitek Group, said “Our solution optimizes the processes connected with our clients’ purchase invoices, converts paper invoices to e-invoices, and automatically adjusts accounting records. Our software robots do the lion’s share of the work which is today done by hand. Our advantage over our competitors is that we’re sufficiently small yet fast and flexible,” says Lohk, who adds that “UK laws favour the market entry of Fitek Group’s products.”