Fitek

What Fitek does

Fitek is a financial process automation solutions and services provider serving enterprises and public-sector organisations across eight European countries (Estonia, Latvia, Lithuania, Poland, Slovakia, Czech Republic, and Belgium). The company operates a cloud-based invoice management and e-invoicing platform hosted on AWS Frankfurt, built around a modular architecture that covers the full invoice lifecycle: purchase invoice receipt and data capture, approval workflows, AI-assisted accounting coding, ERP export, sales invoice delivery, EDI for supply chain document exchange, payment solutions, and document digitization. Core proprietary technology includes FitekAI (machine-learning-driven automatic assignment of cost accounts, dimensions, and VAT codes based on historical posting behaviour), FraudAI (anomaly detection that compares invoices against historical baselines and inspects PDF metadata for tampering), and OCR-powered data extraction with human-in-the-loop verification across formats and languages. The platform connects to 30+ ERP and accounting systems (SAP, Oracle NetSuite, Microsoft Dynamics, Pohoda, Xero, Rivile, Asseco, Odoo, and regional platforms) and is certified to ISO 27001, GDPR-compliant, and connected to PEPPOL and country-specific e-invoicing networks.

Fitek monetises through a modular subscription model (customers can subscribe to individual modules including data extraction, approval workflow, accounting automation, e-invoicing, expense management, purchase orders, and the mobile app) supplemented by transaction-based pricing for the PDF2PEPPOL service (€5/month retail, per-invoice corporate pricing), and professional services for implementation and custom integrations. The company operates a hybrid go-to-market combining direct sales with country-specific websites and demo funnels in seven markets, alongside a product-led growth motion for the PDF2PEPPOL self-serve trial. The customer base of 2,000+ businesses and 40,000+ active users spans agriculture, retail, pharmaceutical, financial services, government, industrial equipment, and professional services segments, with named logos including Scandagra, POS Media Group, UNIPHARMA PLUS, State Shared Service Centre, Stokker, and Inbank. The company is privately held, was re-established in 2024 under original branding after its prior chapter within Unifiedpost Group, is led by founder and CEO Mait Sooaru, and is backed by Baltic private equity firm BaltCap.

Name

Fitek

Legal name

Fitek Holding OÜ

Website

https://fitek.com

Company type

Private

Founded year

2024

Operating status

Operating

Headcount range

51–100 employees

Short description

Fitek is a financial process automation provider offering a cloud-based invoice management and e-invoicing platform with AI-powered coding, OCR data extraction, and FraudAI, serving 2,000+ businesses across eight European countries via modular subscriptions and direct sales.

Ownership category

akta.pro rank

Product category

Financial Process Automation Software

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821), Computer Systems Design Services (541512)

SIC

Services-Prepackaged Software (7372), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro primary industry

ERP Extensions & Add-ons (CPQ, Billing, Revenue Management) (HDAEAEAO)

akta.pro secondary industries

Bill Pay, Invoicing & Payables Platforms (BPAMAFAF), Invoice Processing & 2/3-Way Match Support (BPAAAJAG)

Keywords

• E-invoicing solutions
• Financial process automation
• Invoice management software
• Accounting automation AI
• Peppol service provider

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Subscription - Modular Platform: Most modules can be subscribed to separately, allowing customers to customize their subscription based on needs. Includes data extraction, approval workflow, accounting automation, e-invoicing, expense management, purchase orders, and PDF to PEPPOL features.
2. Transaction-based - PDF2PEPPOL: Retail tier at €5/month with up to 7 invoices included, overusage billed at €0.39 per invoice header and €0.06 per invoice line. Corporate tier for 100+ invoices per month billed per converted invoice. No license fees or setup costs.
3. Professional Services: Support team available during business hours, implementation services, and custom integrations. FAQ indicates integration support and case-by-case implementation timelines.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Fitek operates an all-in-one cloud-based invoice management and e-invoicing platform that automates the flow of purchases, expenses, approvals, and sales invoices for finance teams. The platform combines AI-powered data extraction, configurable approval workflows, accounting automation, e-invoicing across local and international networks (including Peppol), EDI, payment solutions, and document digitization, with pre-built ERP/accounting system integrations. Modular subscriptions let customers subscribe to specific features such as FitekAI, data extraction, approval workflow, accounting automation, e-invoicing, expense management, purchase orders, mobile app, PDF-to-Peppol, EDI, payment solutions, document digitization, and sales invoice automation.

Product overview

Fitek is a unified digital invoice management platform (formerly FitekIN) offering intelligent bookkeeping automation for finance professionals. The platform operates as a modular architecture comprising the core Fitek Platform for purchase invoice management, complemented by integrated AI-powered modules including FitekAI for automated coding, Data Extraction with OCR capabilities, Approval Workflow, Accounting Automation, E-invoicing with Peppol connectivity, Expense Management, Purchase Orders, PDF to PEPPOL conversion, Mobile App, EDI for supply chain automation, Payment Solutions, Document Digitization, and Sales Invoice Automation. The platform covers the entire invoice lifecycle from receiving and processing purchase invoices through approval workflows, accounting automation, and export to ERP systems, while also enabling outbound sales invoice delivery through multiple electronic channels. Customers can subscribe to modules separately or access the full platform, with over 2,000 businesses and 40,000 users across Europe relying on the system.

Differentiator

Problem solved

Functional benefit

Brands

• FitekAI: AI-powered accounting automation that handles cost accounts, dimensions, and VAT assignment.
• PDF2PEPPOL
• Fitek EDI

Products and services

• Fitek Platform Digital purchase invoice management system enabling management and workflow of e-invoices, PDFs, and paper invoices; an all-in-one intelligent bookkeeping automation platform for finance professionals that automates purchases, expenses, and approvals with control and visibility.
• FitekAI AI-powered accounting automation module that learns from historical user behaviour and previous postings to automatically assign cost accounts, dimensions (projects, tracking categories, cost centers), VAT codes, and other booking values with high precision, reducing manual work and adapting continuously to changing accounting practices and supplier patterns.
• Data Extraction AI-based invoice data capture service that uses OCR to extract key fields and line-item details from PDFs, scans, images, and even handwritten notes across formats, layouts, and languages, with built-in human review for accuracy validation and no templates required.
• Approval Workflow Customizable approval workflow module that routes purchase documents through configurable approval processes with real-time visibility, audit trails, and mobile-friendly approvals.
• Accounting Automation Automated pre-accounting module that uses OCR and AI to capture invoice data and apply account codes based on historical behaviour or predefined logic, automating invoice capture, coding, and approvals.
• E-invoicing Digital exchange of structured invoice data between companies, accounting systems, and public sector organizations, supporting local e-invoicing networks, Peppol connectivity, and international frameworks with automated validation and delivery.
• Expense Management Digital expense handling module that lets employees capture receipts on the mobile app, create and submit expense reports, and reduces manual data entry for accountants with automated workflows.
• Purchase Orders Purchase-to-pay flow module supporting creation, approval, and management of purchase orders from employee requests to finalized orders ready for suppliers, including budget compliance and PO matching.
• PDF to PEPPOL Conversion service that transforms PDF sales invoices into Peppol-compliant UBL e-invoices for regulatory compliance without requiring customers to change their existing billing systems or ERP; combines OCR processing with manual validation for 100% accurate conversion.
• Mobile App iOS and Android mobile application for capturing receipts via camera, submitting expense reports, and approving purchase invoices from mobile devices; available on Apple App Store and Google Play Store.
• EDI (Electronic Data Interchange) Electronic Data Interchange solution for automated supply chain document exchange between business partners; supports REST API, SFTP, and AS2 connections, plus an EDI portal for smaller suppliers without ERP capability.
• Payment Solutions Digital payment service enabling payment links on invoices, emails, and reminders, supporting multiple payment channels including banks, cards, and digital payment methods with automated reconciliation.
• Document Digitization Document digitization and e-archiving solution that converts paper documents into structured digital files with OCR data extraction, electronic archiving, and fast document search capabilities.
• Sales Invoice Automation Outbound sales invoice delivery module handling B2B, B2C, and B2G invoicing across multiple formats (Peppol e-invoices, PDF, paper) with validation, format conversion, and smart delivery routing.
• XML Invoice Processing via Email Service enabling suppliers to send XML invoices via email to a Fitek purchase invoice mailbox for automatic processing in approximately 60 seconds with 100% accuracy; supports UBL BIS 3.0 for Peppol network compatibility and is designed for suppliers without an e-invoicing platform.

Quantifiable outcome

• Up to 80% reduction in manual invoice processing time
• +6 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration36 records

AI capability8 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered core.

• Banqup GroupcoreStrategic or Co-development Partner · 26 January 2026Fitek Oü signed share purchase agreement with Banqup Group SA for acquisition of Baltic operations (Unifiedpost AS Estonia, Unifiedpost AS Latvia, Unifiedpost UAB Lithuania) for €9.5 million valuation. Transaction completed March 2026 after regulatory approvals.
• SAPcoreTechnology or IntegrationPre-built integration with SAP ERP system allowing bidirectional sync of invoice data between Fitek platform and SAP environments. SAP is a comprehensive software suite integrating core business functions.
• Oracle NetSuitecoreTechnology or IntegrationIntegration with Oracle NetSuite cloud ERP and business management platform for organizations of all sizes. Enables automated invoice processing and accounting synchronization.
• Microsoft DynamicscoreTechnology or IntegrationIntegrations with Microsoft Dynamics 365 Business Central (cloud-based SMB ERP), Microsoft Dynamics AX (enterprise ERP), and Microsoft Dynamics 365 Finance. Supports real-time data synchronization.
• PohodacoreTechnology or IntegrationIntegration with Pohoda accounting software via MServer or XML, enabling automated invoice import, approval, and accounting with reduced manual work. Widely used in Czech Republic and Slovakia.
• XerocoreTechnology or IntegrationIntegration with Xero cloud-based accounting software popular with small businesses. Supports invoicing, bank reconciliation, expense tracking, and financial reporting.
• ZalktiscoreTechnology or IntegrationDirect integration established between Fitek platform and Zalktis accounting software via secure and modern API connection. Invoice data and accounting dimensions are imported automatically. Available June 2026.
• RivilecoreTechnology or IntegrationIntegration with Rivile business software system for accounting, finance, inventory, and process management, widely used in Lithuania.
• OdoocoreTechnology or IntegrationIntegration with Odoo suite of open source business apps covering CRM, eCommerce, accounting, inventory, point of sale, and project management.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Basware: Finland-based global leader in accounts payable automation and e-invoicing. Directly comparable to Fitek in target customer (finance teams/AP), core functionality (invoice capture, automation, approval workflows), and ERP integration depth. Operates at significantly larger scale across multiple geographies.
• Pagero: Norway-based Peppol Access Point operator and e-invoicing network provider. Directly comparable to Fitek in the Peppol e-invoicing value chain, offering similar regulatory compliance and cross-border invoice exchange services for European enterprises.
• Tungsten Network: UK-based e-invoicing and AP automation network. Directly competes with Fitek in invoice digitization, e-invoicing network connectivity, and ERP-integrated invoice processing for enterprise customers.
• Medius: Sweden-based AP automation platform with strong AI/ML invoice coding capabilities. Closely comparable to Fitek in product offering (AI-driven AP automation, ERP integrations, approval workflows) and European mid-market focus.
• Tradeshift: Cloud-based B2B e-invoicing and supply chain finance platform. Directly comparable to Fitek's EDI and supply chain document exchange offerings, with overlapping customer base in wholesalers, retailers, and manufacturers.
• Rossum: Czech Republic-based AI-native invoice data extraction and AP automation platform. Closely comparable to Fitek's AI/OCR capabilities (FitekAI, Data Extraction), targeting similar finance team customers with similar AI-driven automation value proposition.
• Unifiedpost Group: Belgian-headquartered e-invoicing and identity services platform that previously owned Fitek's Baltic operations. Highly comparable product suite (e-invoicing, payment solutions, document processing) and European mid-market focus; Fitek's management has prior operational experience with this platform.
• Banqup Group: Belgian-based e-invoicing and document exchange platform that divested its Baltic operations to Fitek in March 2026. Highly comparable in product offering (e-invoicing, Peppol connectivity, document digitization) and European SME/mid-market target segment.
• Stampli: US-based AI-powered AP automation platform. Directly comparable to Fitek in AI-driven invoice capture, coding, approval workflows, and ERP integrations, with similar mid-market customer focus.

Broad incumbents

• Coupa Software: US-based broad spend management platform with AP automation, invoicing, and procurement capabilities. Competitively adjacent to Fitek's invoice automation offering but operates at much larger scale and broader scope (procurement, sourcing, expense management) for global enterprises.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sharer.php?u=https://fitek.com

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fitek