Savelend acquires Billecta for $4.5M.
The financial details are undisclosed - the transaction was made by a combination of cash and shares for an estimated SEK 40M ($4.5M).
Billecta, also based in Stockholm, provides a system solution that automates the entire invoice flow - from creation of invoice to reconciliation of incoming payments and accounting, including any requirement management & financing. The company was founded in 2014 by Jonas Ahlberg and Jacob Gevcen and it processes a volume invoice of SEK 6 billion annually. The company was backed by angel investor Maths Ohlsson and by Propel Capital.
Savelend, founded in in 2013 by CEO Ludwig Pettersson, developed a marketplace for money trading, creating the context for a better interest rate than at traditional banks. The company raised about $3M from investors including Harald Axelius, Joel Jacobsson, Niklas Braathen, Sven Engwall and Vision Invest.