Eesti Post’s fintech business launched as separate company Finbite OÜ

The strategic development trends of AS Eesti Post for the next five years have been approved at an extraordinary general meeting of its sole shareholder. One of the decisions made at the meeting was to separate the company’s information business (e-invoices) to form the subsidiary Finbite OÜ, which will continue to offer services in the infologistics business area as of 1 January 2021. The process of separating Finbite was facilitated by KPMG Law, a legal partner to the company.

Ahto Pärl, a former member of the Eesti Post management board, has been appointed as a member of the management board of Finbite OÜ. “I’m convinced the infologistics business will be able to serve customers significantly more effectively as a company in its own right and offer them greater value in doing so,” he explained. Sten Soosaar, the chairman of Eesti Post’s supervisory board, added that in light of Eesti Post’s plans to focus on the development of high-quality postal services, the decision to separate Finbite from the company's main area of operations was made in order for the e-invoicing business to continue receiving the care and attention it needs.

Starting from the new year, the more widely recognised Omniva Invoice Centre will operate under the Finbite invoice centre trademark. Not only has a new company been established, but it has also been given a complete makeover, with a new name and logo and a newly completed website, www.finbite.eu, which is available in five languages. Pärl says that Finbite aims to grow both nationally and globally and that the company is in a very good position to achieve this.

In the short term, nothing will change for the current customers – all contracts will be transferred to Finbite and their conditions will remain the same. "Further down the line we plan to invest in product development, which will lead to a lot of new technical solutions and extra convenience for customers," Pärl explained.

AS Eesti Post, which operates under the Omniva trademark, is a state-owned company administered by the Ministry of Economic Affairs and Communications. It provides postal, parcel, information and international business services. In addition to the parent company AS Eesti Post, the group also comprises the Lithuanian subsidiary UAB Omniva LT, the Latvian subsidiary SIA Omniva and the related company OÜ Post11. Starting from January 2021, fintech services will be provided by Eesti Post's new subsidiary Finbite OÜ.