Scandi account management firm launch a sought-after finance platform for SMEs

05-Mar-2019


Fenixera is a new accounting platform tool designed to protect people from having to write-off debt from international clients. Based in Oslo, the fintech startup will enable users to check someone’s credit and payment history regardless of where they live. With 140K USD already invested in the project, Fenixera will make it easier to collect invoices, manage accounts and maintain a healthy credit score. Authorised accountants in Norway will be on-hand to provide support.

Fenixera began as an account management firm helping newcomers set up businesses in Norway. Since 2017, they have helped startups and SMEs in Latvia, Lithuania, and Poland manage their finances. Today they are launching a global bookkeeping platform, which will cross financial borders, with an innovative free-of-charge invoicing system available to all users. Their cloud-based software has tools for payment processing, data analytics, and automated reporting.

Valerijus Svitovas, chairman of Fenixera, spoke about their cross-border finance ambitions: “After starting as a small bookkeeping company, working exclusively with Norwegian firms, we are going global this year. Our next branch will open in Lithuania on March 29th 2019, and many others will follow. We recognise that traders worldwide need legitimacy and integrity when it comes to managing international payments, and we have the expertise and knowledge to ensure their protection.”

Svitovas is a former commander-in-chief at the Lithuanian Motorised Infantry Brigade and has a wealth of business expertise. Since 2009, he has become the owner of eight successful companies in the construction, finance, marketing, and product areas, employing 86 employees across Norway.

His latest venture, Fenixera, helps people to oversee invoices, tax returns, cash flows (including cryptocurrencies), and even salaries. By focusing on process efficiency, they have integrated cloud-based features to help build a cross-border debt recovery application. Serving startups and SMEs, their software will simplify credit scores by configuring the formula used for calculating them. Furthermore, users can access their credit score to see how paying off debt is helping to improve their rating in real time.

Their software is not only confined to crypto payments as it includes fiat currencies, with Fenixera’s in-house loyalty system offering tokens in exchange for spending on their platform. As digital currencies become increasingly mainstream, the Norwegian accounting firm is looking to help their users streamline debt payments on a cross-financial basis.