Press Release

Bizcuit Group invests EUR 1.200.000 in fast-growing scale-up Klippa amidst COVID-19

Groningen and Amsterdam, April 1st, 2020 – Today, fast-growing international scale-up Klippa received an investment of 1.2 million euro, with fintech disruptor Bizcuit Group as lead investor. Klippa intends to use 1 million euro to accelerate innovation, the remaining 200.000 euro will be used to buy out early-stage angel investors. The investment is remarkable in a time of global uncertainty due to the COVID-19 outbreak.

Co-founder and CEO Yeelen Knegtering: “The current COVID-19 crisis makes digitizing business processes and working remotely more important than ever. With our tools, employees can complete their administrative tasks anywhere and anytime, allowing businesses to work safely from home and speed up their administrative process by up to 70 percent.”

From customer to investor
Bizcuit is one of the first companies in the Netherlands to offer the full scope of the PSD2 license to SMEs and freelancers. The parties first came into contact when the Bizcuit Group’s subsidiaries, Minox (accounting software) and Bizcuit (fintech software), started using Klippa’s smart document processing APIs.

Hessel Kuik, owner and CEO of the Bizcuit Group: “After a thorough vendor selection process, we selected Klippa as a partner to provide us with best in class automation of financial document processing. We have worked together with Klippa for over three years now, embedding their technology in several of our offerings. Klippa impressed us with their features, speed and quality of document processing, which is why we decided to take our business relationship to the next level with this investment.”

Knegtering: “We are very happy to collaborate with the Bizcuit Group, they understand our philosophy and share our digital vision. Many companies still struggle with manually processing documents like invoices and receipts, wasting time that could be spent on their core business. We expect that more companies will want to digitize, given the fact that most businesses operate from home. Even when it’s safe to go back to the office, digitization will be important to stay financially healthy. ”

This investment is the fourth one since the software scale-up came into existence in 2015. The scale-up entered the German, French and Spanish market last year because of a high demand for innovative technology in those markets. Knegtering: “In the first six months we processed more than 100,000 documents per month in each country. In 2020 we will double our efforts to help even more companies with our tools. We will also offer our smart technology in Switzerland, Austria and the United Kingdom. ”

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