Banqup Sells Baltic Arm for €9.5M to Fuel French E-Invoicing Push

LA HULPE, BELGIUM – March 16, 2026 – European financial technology firm Banqup Group SA has finalized the divestment of its Baltic operations to Fitek Oü, a strategic move valued at €9.5 million. The transaction, which transfers all operational companies in Estonia, Latvia, and Lithuania to Fitek, marks a pivotal moment in Banqup's transformation into a pure-play digital services provider, shedding legacy assets to fund an aggressive push into Europe's booming e-invoicing market.

The cash proceeds from the sale are earmarked to fortify the company's balance sheet and directly finance the rollout of its flagship Banqup platform in key European markets. The primary target is France, where a landmark B2B e-invoicing mandate is set to take effect in September 2026, creating a significant and time-sensitive market opportunity.

"The successful closing of this transaction marks a significant milestone in our strategic transformation journey," commented Nicolas de Beco, CEO of Banqup. "By divesting our Baltic operations, we gain the financial flexibility to allocate our resources entirely toward our high-growth digital SaaS services and capitalize on the regulatory tailwinds driving e-invoicing adoption across Europe."

A Strategic Pivot to Pure-Play SaaS

The divestment signals a clear and decisive shift away from a diversified business model toward a singular focus on high-growth, high-margin Software-as-a-Service (SaaS) solutions. The sold Baltic portfolio, which employed 104 full-time staff, generated an annual EBITDA of €1.3 million in fiscal year 2025. However, its revenue composition highlights the rationale behind the sale: it included €10.0 million in print-related services and €4.0 million in digital legacy revenue, compared to just €0.3 million from the core Digital Banqup product.

This move addresses the company's financial performance and strategic direction. According to its FY 2025 results, Banqup reported an adjusted EBITDA of €-11.3 million, underscoring the financial drag of its lower-margin traditional services. By converting these operations into €9.5 million in cash, Banqup is not just cleaning up its portfolio; it is securing the capital needed to compete in the fast-evolving digital landscape. The company aims to leverage this newfound agility to achieve its ambitious FY 2026 guidance, which projects digital revenue growth between 25% and 30% and a return to a positive adjusted EBITDA margin of approximately 3.0%.

The Regulatory Tailwind: Europe's E-Invoicing Gold Rush

Banqup's strategic pivot is timed to coincide with a wave of government-mandated e-invoicing regulations sweeping across Europe. These mandates, aimed at improving tax transparency and reducing VAT fraud, are creating a multi-billion-dollar market for compliant digital solutions. The European e-invoicing market is projected by some analysts to grow at a compound annual growth rate (CAGR) of over 14% in the coming years, transforming how businesses transact.

France's upcoming mandate is one of the largest single opportunities in this landscape. Beginning September 1, 2026, all French companies will be required to receive e-invoices, while large and medium-sized enterprises must begin issuing them through certified platforms. The obligation will extend to all remaining businesses by September 2027. By channeling the proceeds from its Baltic sale into this market, Banqup is making a calculated bet that it can secure a significant foothold ahead of the deadline.

This regulatory momentum is not confined to France. Germany is set to mandate B2B e-invoicing reception by 2025, with phased issuance obligations starting in 2027. Belgium, where Banqup has already seen significant traction, made B2B e-invoicing mandatory on January 1, 2026. This broader trend, supported by the EU's overarching "VAT in the Digital Age" (ViDA) proposal, validates the company's decision to focus its resources on its core e-invoicing and financial workflow platform.

Fitek's Baltic Consolidation

For the buyer, Fitek Oü, the acquisition represents a major strategic expansion and consolidation within the Baltic market. The deal instantly adds 104 experienced professionals and a substantial portfolio of established business operations across Estonia, Latvia, and Lithuania. By acquiring Banqup's diverse revenue streams—spanning print, legacy digital, and modern SaaS—Fitek significantly strengthens its regional footprint and service offerings.

Mait Sooaru, CEO of Fitek Oü, highlighted the forward-looking nature of the acquisition. "I’m excited to welcome 104 new colleagues to Fitek. I strongly believe that together we will create new value for our customers," he stated. "Our industry is undergoing significant transformation, and this acquisition positions us well to benefit from both technological developments and regulatory changes as we continue to grow and strengthen our business."

Crafting a Win-Win: The Reseller Partnership Model

Crucially, the deal is not a complete exit for Banqup from the region. Concurrent with the sale, the two companies are finalizing a strategic partnership whereby Fitek will become the exclusive reseller of the digital Banqup product suite across the Baltic States. This innovative arrangement ensures business continuity for existing digital clients and allows Banqup to maintain its technological footprint without the overhead of direct operational management.

This reseller model represents a modern approach to post-divestment strategy. It allows Banqup to continue generating revenue from its core digital product in the Baltics, leveraging Fitek's local market strength and newly expanded customer base. For Fitek, the partnership provides a best-in-class digital e-invoicing solution to offer its clients, immediately enhancing its value proposition. This symbiotic relationship ensures that as Banqup sharpens its focus on larger markets like France, its technology and brand presence can continue to grow in the Baltics through a trusted local partner.