Fitek acquires the leading settlement and payment services provider in the Baltics

The Ellex team advised Fitek OÜ on a transaction under which the company acquired the Baltic operations of Banqup Group, a leading provider of integrated business communications solutions. The target companies are Unifiedpost AS in Estonia, Unifiedpost AS in Latvia and Unifiedpost UAB in Lithuania.

Fitek OÜ is a rapidly growing Estonian financial technology company that provides smart and automated e‑invoicing and purchase invoice management solutions.

The target companies are Baltic-based fintech companies, providing a cloud‑based platform for the digitalisation of financial and administrative processes. The companies work closely with major Estonian banks and companies, offering solutions that make financial information exchange more efficient, more accurate and more transparent.

Following the acquisition, Fitek now has around 190 employees, operates in 7 countries and expects annual revenue of approximately EUR 20,000,000.

The transaction was advised by Ott Aava, Kerli Salu and Helen Ratso.