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‘Eesti Post’ establishes fintech company ‘Finbite’

Estonian Strategic development plans for the next five years were approved by the extraordinary general meeting of the sole shareholder of AS Eesti Post, which operates under the Omniva brand. One of the decisions made at the meeting was the separation of the company’s information business (e-invoicing) by establishing a subsidiary “Finbite”.

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It will continue to offer services in the field of infologistics business from January 1, 2021.

Starting in the new year, the electronic invoicing platform, previously known as Omniva’s invoicing center, will already operate under the Finbite brand. The Finbite spin-off process is provided by KPMG Law, the company’s legal partner.

Former member of the Board of Eesti Post Ahto Pärl has been appointed a member of the Board of Finbite. “I am convinced that the infology business as a separate company will be able to serve customers significantly more efficiently and, in doing so, offer them greater added value,” he explains.

Sten Soosaar, Chairman of the Supervisory Board of Eesti Post, adds that “in view of Eesti Post’s plans to focus on the development of quality postal services, the decision to separate Finbite from the company’s core business was taken to enable e-invoicing. business will receive all the attention it needs in the future “.

The new company will provide an enhanced e-invoicing and infologistics online platform “finbite.eu”, which is available in five languages. Pearl adds that “Finbite aims to grow both Baltic, both globally and the company has a very good chance of achieving this. “

In the short term, nothing will change for Omniva’s current bill center customers – all contracts will be transferred to Finbite and the terms of cooperation will remain unchanged. “In the future, we plan to invest in product development that will bring many new technical solutions and additional convenience to customers,” explains Pearl.

JSC “Eesti Post”, operating under the trademark “Omniva”, is an Estonian state-owned company managed by the Estonian Ministry of Economics and Communications. It provides postal, parcel, information and international business services. JSC “Eesti Post” group also includes Lithuania subsidiary UAB “Omniva LT”, Latvian subsidiary SIA “Omniva” and a company related to “Eesti Post” OÜ “Post11”. From January 2021, fintech services will be provided by Eesti Post’s new subsidiary Finbite.

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