March 24 (SeeNews) - Romanian fintech startup Smart Bill said on Thursday it expects a turnover of 1.25 million euro ($1.35 million) in 2017, an increase of 25% compared to last year.
In 2016, cloud sales were predominant, a trend that is expected to continue into 2017, the company said in a press release.
"We managed last year to reach sales of 1 million euro, which represented a psychological threshold for us, because we feel we entered a higher league. We expect that by the end of this year to reach break-even," Smart Bill co-founder and CEO, Radu Hasan, said.
Investment funds Catalyst Romania and Gecad Group put 1 million euro in Smart Bill in 2016, taking over a 30% stake in the company. Following the investment, Smart Bill expanded its team and concentrated on developing services to maximize growth. The company also continued to develop Smart Bill Cloud solution, in which has invested over 750,000 euro in recent years.
Currently, Smart Bill has 40,000 customers, from small businesses to corporations, and hopes to increase their numbers by 25% in the next four years.
The company was founded in 2007 by entrepreneurs Radu Hasan, Ioana Hasan and Mircea Capatina.
($=0.9253 euro)