Data Republic website
Share on facebook
Share on twitter
Share on linkedin
Share on email

Member Spotlight: Storecove

Storecove was founded in 2015 by Dolf Kars, Michael Riviera and Willem Stemfoort, who at the time realized how tedious invoicing was for companies. Having created and sold a video-advertising company, they realized the power of network-based markets, which is also a crucial factor in making invoicing easy and efficient. Following the lean startup principle, the company is continuously improving its product. However, with a fully working product in store, Storecove now focuses a lot on marketing as well. Storecove’s product lowers costs and time wasted on invoicing, enabling companies to focus entirely on their core activities.

Automatic invoice processing

Storecove’s product directly loads all incoming invoices into companies’ accountancy packages and automates the sending of invoices as well. Currently, more than 330 of the largest Dutch suppliers are connected to Storecove’s network. Additional to this, they are also connected to the European Peppol-network both for government-related companies and for safe invoice exchange between all other companies.

Through these channels, invoices are automatically sent and received in UBL-format. Storecove’s product also accepts non-UBL-formats, for which it teams up with third parties to translate received invoices into UBL. This way, Storecove assures that no invoices are excluded from being processed. Furthermore, Storecove’s product also serves accounting firms, ultimately reducing their customer’s invoice-related work and costs.

Saving time and money

In the current software landscape companies are forced to be adaptive and are often young, making easy and cheap invoicing processes crucial. With their light (easy implementable) and relatively cheap product, Storecove meets adaptive companies’ invoice-related needs. Having a SaaS product, invoice receiving companies are fully set-up within 15 minutes.

The same rule applies to companies that send invoices, if they use an accountancy software package that can produce UBL. For larger companies who process invoices internally, a tailored API-link is made to Storecove’s product, taking up to one or two weeks. Because Storecove’s product directly loads invoices into accountancy packages, invoices are paid earlier by 16 days on average. Ultimately, invoices are paid faster, companies don’t have to worry about sending or receiving invoices anymore and “ghost invoices” are history.

Company vision

With an average of 15 new users every day, Storecove is growing fast in a market where they see a lot of potential. For instance, in The Netherlands, every government-related company is obliged to join the Peppol network before April 2019. While growing in the Dutch market, Storecove is also interested in international expansion, with an eye on England as a potential next country to enter. Eventually, the founders of Storecove anticipate universal application of the UBL-format, a vision of which Storecove itself is at the origins.

The Storecove founders, FLTR: Willem Stemfoort, Dolf Kars and Michael Riviera


Share this Article
Share on facebook
Share on twitter
Share on linkedin
Share on email
Related Insights
Amsterdam Fintech Week
Take a look at our yearly fintech festival, Amsterdam FinTech Week. Go on the dedicated website to check out the 2021 wrap up!
AMLD5 Guide
A source for consulting PSD2 legislation coupled with commentary, tips & tricks, applicability, in collaboration with our member law firms.