Finnish fintech startup Zervant said on Wednesday it has signed a multi-million euro software licensing deal with ING Belgium, a unit of ING, one of Europe’s largest banking groups.
ING Belgium will have the rights to rebrand and sell Zervant’s invoicing tool in Belgium, with a potential opening to other entities in the Group.
“This co-operation strengthens Zervant’s position as a leading online invoicing software in Europe. At the same time, it is a significant step forward for us. It will allow small and medium-sized businesses in Belgium to use the tool for all their e-invoicing needs,” says Zervant co-founder and CEO Mattias Hansson.
Speaking about the deal Rik Vandenberghe, CEO ING Belgium, added that “The partnership with Zervant allows us to go beyond traditional banking and to respond to the changing needs of our clients.”
Zervant’s service has over 100,000 users and its core markets are Sweden, Finland, Germany, France and the UK.
European banking group’s interest towards startups has been rising lately, with many setting up accelerators or snapping up interesting firms – for example, BBVA bought Holvi and Nordea is expanding its fintech accelerator.