Klever Oy Ab
No more lost invoices or forgotten due dates, KLEVER makes paying bills easy and effortless for consumers! KLEVER is about to revolutionise payment methods, by combining mobile invoicing and invoice financing in a new, unique way.
I love paying bills – said no one ever
Let’s admit it, nobody likes paying bills. It’s boring and unpleasant. At the same time, the world is digitalising at high speed and just about every issue can be handled on your smartphone, why do we still receive paper bills in our mailbox?
In Europe, 18 billion invoices are sent to consumers annually, of which about 80% are paper bills*. Paper billing is not only costly and environmentally burdensome, it’s also a hassle for every party of the invoicing chain. Paper bills are easily lost, sometimes even before they find their destination, they are easily forgotten and are inaccessible while travelling. Even the invoice distributors are unhappy with delivering paper bills, as they are costly, inefficient, and tie a lot of resources.
About 22%* of all consumer invoices are paid late. The reason for late payment is rarely the lack of money. The bill may have been lost or forgotten, and sometimes the consumer may not even be of aware of its existence. This results in a variety of unpleasant situations such as payment reminders and debt collection, and at worst, the disruption of the service. Late payments always mean slower cash flow for companies.
The e-mail invoices and e-invoices brought by the digitalisation have not offered proper a solution to the problem. Instead, the consumer is growing grey hair as she tries to remember what bill is delivered through which channel. Although the e-invoices provided by banks have been on the market for a while, they have not been able to effectively persuade consumers. This is mainly due to poor user experience during the introduction of the service, which has not been designed with the focus on consumers, and the lack of integrations – invoice distributors do not actively guide us consumers to receive our bills as e-invoices.
Klever’s story began in 2015 when Jeanette Samuelsson and Simon Sandvik saw the opportunity to streamline the entire invoicing chain and decided to solve these problems not only for consumers but for companies and distributors too. The mobile app Klever was born, making invoice payment, well, as nice as paying bills possibly can be.
Klever brings invoice payment to this day
The Klever app is the easiest way for consumers to pay their bills. No more lost invoices, forgotten due dates or unnecessary payment reminders! Klever gathers all invoices in one application, sends a notification when a bill is received and when it’s due, and confirms payments with a single swipe. With Klever, you don’t have to enter any references, bar codes, or other strings of numbers. The app also bundles payment reminders with their original invoices.
Converting paper bills to mobile invoices is done by simply taking a photo of the received paper bill, Klever reads all the important information and converts it to a digital format using Optical Character Recognition (OCR) technology. After doing this once, the consumer is able to request the invoicer to submit all future invoices directly to Klever. Naturally, paying bills with Klever is as safe as online banking.
Klever was released in the autumn of 2017 and has so far been downloaded over 30 000 times. Users have already been satisfied with the application, but we are currently working on our new services together with our partners in order to improve the experience of both consumers and companies. The new services and features will be launched in late 2018.
The m-Invoice, an easier, faster and more transparent alternative to the e-invoice
Our team is currently working on extensive service integrations with a number of partners. We have already signed Letters of Intent regarding cooperation with the five biggest invoice distributors on the market. In late 2018, we will launch a new mobile invoice service called the m-Invoice, that will significantly simplify the operations of invoicing companies and invoice distributors, and automate some of the current functions of the Klever app. The launch is executed in cooperation with the largest invoice distributors in the Nordic countries.
In the near future, the m-Invoice will be integrated into the invoice distributor’s services as one invoicing channel alongside paper, email and e-invoices. Among these alternatives, the m-Invoice is positioned as the most cost-efficient invoicing channel for both consumers and companies. It is also the fastest way for companies to retrieve their money from sent invoices, partly because of the new payment options Klever offers. The invoicer saves money in delivery costs, not to mention in customer service that consumers won’t have to contact because of lost bills.
The m-Invoice is a transparent invoicing method; the system informs the invoicer when an invoice has been delivered to the consumer and when it has been opened. The application reminds the consumer of upcoming due dates and when a bill is overdue, thus speeding up the cash flow of the invoicing companies and reducing late payments. With m-Invoice, no unnecessary payment reminders will be sent, as there is no longer a delay between the informing of payment, the actual payment and the payment reminder.
The current, inefficient invoicing system is eating into profit margins of companies using weekly or monthly invoicing, so much so that a short invoicing period is often unprofitable. This is a problem especially for companies whose customers still receive their invoices as paper bills. m-Invoicing is such a cost-effective and efficient invoicing method that it will enable companies to launch new low-cost monthly or weekly invoiced products.
For consumers, the launch of the m-Invoice will further simplify the process of changing your invoicing method to mobile invoices. With the release of the m-Invoice, the user is able to determine her future invoicing method as a mobile one in Klever with one click, and the change will take effect immediately. This is possible through the integrations and partnerships Klever has tied, that already enable us to cover most of the Nordic invoicing market.
The m-Platform brings revolutionary payment methods to consumers
The other service we are publishing at the end of 2018, the m-Platform, will revolutionise the invoice payment methods offered to consumers. The m-Platform allows financiers and banks to provide invoice financing for consumer bills, easily and effortlessly in the same mobile application that consumers already handle their bills in. The launch of the m-Platform is executed in cooperation with the largest banks and financiers in the Nordics. We are undergoing negotiations regarding cooperation with the largest bank on the market and a few smaller ones. Our goal is to launch the partnerships in the autumn of 2018.
The consumer can choose to pay the invoice with one of Klever’s many features designed and executed in cooperation with our partners: She can move up the due date of the invoice, split the invoice into several parts or use a credit limit to cover for the invoice. In practice, the m-Platform will make it possible to pay bills by instalment, even though the invoicing company is not offering that payment method. The invoicing company receives the payment on time, and our partners finance the credit for the consumer.
As the new payment services directive (PSD2) releases bank-owned account data for third parties (2019), the interests rates offered to consumers can be dynamically adjusted to their risk profiles – the risk profile will be based on data of user payment behaviour. In this case, financiers are able to efficiently control the credit risk and provide reasonable interest rates suitable for each consumer.
The m-Platform lets financiers come near the consumer, provide new kinds of services at the right time in an easy and simple way, thus acquiring new customers and increasing their sales.
Our vision is to be the preferred consumer mobile invoice and payment platform in Europe.
Our strategy is to start doing business in the Nordics, where we already have taken a strong foothold. We will be able to test our services and ensure the functionality of our business model in the Nordic countries (2018-2020). After that, our goal is to scale Klever’s business to cover the rest of Europe by amplifying our partnership model in new market areas. However, the expansion will begin no earlier than 2020.