EIC Accelerator Report Card: Invoier's AI Invoice Marketplace

Invoier asked the European Union to fund a "Truly Transparent and Fair Global Factoring Spot Market", a place where any company could sell an unpaid invoice to competing investors, priced by software that predicts the day the invoice will actually be paid. The Stockholm company, registered in January 2018, was selected with blended finance in the EIC Accelerator pilot's October 2019 cut-off, according to the European Commission's list of selected companies, which names Invoier AB as the only beneficiary of the project, IRP. It received a grant of €1,604,293.25 towards a €2,291,847.50 project, according to CORDIS, and in August 2021 the EIC Fund added €4.1 million of equity, as reported by EU-Startups and fintech.global.

The marketplace exists and has paying customers. What it has not become is global, or even European: every product page, customer story and guarantee deal found for this article concerns Swedish companies. The 2025 accounts show net sales of SEK 14.5 million and a net loss of SEK 16.8 million.

Where Invoier Stands Now

Invoier is active. The Swedish register data shown by Syna lists it as an active limited company with 19 employees, and Hitta.se lists filed annual reports for every year from 2018 to 2025. Both name Mats Holmfeldt as chief executive and Fredrik Severin as chair; co-founder Fredrik Mistander, chief executive in every press release from 2021 to 2024, now sits on the board. Sweden's financial regulator, Finansinspektionen, lists Invoier as a payment institution authorised for money transfer since 11 November 2020.

The company kept publishing in September 2026. Two customer stories describe an outdoor brand, Röyk, and a composting company, Biocompost, selling invoices on the platform and receiving cash within 24 hours. In March 2025 it announced a distribution partnership with the Swedish accounting firm Aspia, and in May 2025 a place among 35 EIC-funded companies on the EIC stand at GITEX Europe in Berlin. All of these are company statements; no independent coverage of them was found.

The Technology: Pricing the Invoice, Not the Company

Factoring is old: a company sells its unpaid customer invoices at a discount to get cash before the customer pays. Traditionally a bank or a specialist factoring firm buys the invoice and prices it mainly on the seller's credit profile. Invoier's pitch to the EU, in the CORDIS objective, was to measure "risk for individual receivables as opposed to risk with individual companies", using an AI model that predicts the actual payment date of each invoice, and to let several investors bid for it in real time instead of one financier setting the price.

Today's company description is the same idea: an uploaded invoice is analysed in real time on risk, payment behaviour and price from transaction data, then matched with the institutional buyer offering the best terms. On its factoring page Invoier says sellers receive on average 97% to 99% of the invoice amount, with no lock-in or volume requirement, and its investor page gives an average invoice of €4,120 outstanding for an average of 32 days. These figures are the company's own and could not be checked against an outside source.

Invoier also built tools around the marketplace: an automated anti-money-laundering decision engine launched in June 2021, reported by Realtid, which named Daniel Nassab as chief technology officer; a Green Factoring product in April 2022 that offers cheaper pricing to companies that show climate efforts; and a payment-time index that, by the company's account, draws on 1.8 million invoices from more than 45,000 Swedish companies between 2016 and 2022, the kind of data a payment-date model needs.

What IRP Promised, and What CORDIS Shows

IRP ran from 1 April 2020 to 31 August 2022 under the Horizon 2020 SME instrument. Its final periodic report says Invoier built "the first fully automated product": onboarding with customer checks, risk assessment of the company and its invoices, matching with investors and administration of each invoice until payment. It says the product was launched "in the first markets" and that a "general roll-out in the EU" was being prepared. It claims the AI engine predicts the payment date of any invoice with 93.6% accuracy and that the marketplace had cut companies' financing cost by more than 25%. The only result CORDIS lists besides the report is an EU trademark for "invoier", filed on 3 September 2020. No publication, test data or outside evaluation of the accuracy or cost claims is public.

There is also a disagreement about timing. The CORDIS report, covering the period to August 2022, describes the product as launched, while the company's own about page says it launched the marketplace commercially in 2023, after the project had ended.

1. Automated invoice marketplace with competing buyersDeliveredPlatform live in Sweden, with named customers in 2026 customer stories; commercial launch dated 2023 by the company.
2. AI that predicts each invoice's payment dayUnverified93.6% accuracy claimed in the CORDIS report; no published test or outside check.
3. Invoices as a new asset class for institutional investorsPartlyInvestor offer and an EIF guarantee of up to €58M exist; the buyers on the platform are not named.
4. Lower financing cost for SMEsUnverified"+25% reduction" claimed in the CORDIS report, with no method or data.
5. General EU roll-out and a global, cross-border spot marketNot achievedAnnounced as being prepared in 2022; no launch in another country has been announced, and the 2023 EIF guarantee covers Swedish SMEs.

Measured against what a grant can buy, IRP delivered the core: a regulated, working platform that did not exist before. Measured against the project's own title, it fell short. The CORDIS report imagined "a company in Portugal" financed "by an investor in Finland"; four years after the project ended, no cross-border trade of that kind has been reported.

The Money Behind the Marketplace

Invoier has drawn EU money in three forms. Besides the grant, the EIC Fund invested €4.1 million in equity in 2021, which the company's release described as part of a blended finance award to one of eight Swedish companies. In February 2022 the Stockholm fintech investor NFT Ventures joined the round, according to a joint release; its amount was not disclosed. In December 2022 Invoier said the EIC Fund had increased its stake, making it one of the largest owners after the founders, following an ownership review approved by Finansinspektionen; that amount was not disclosed either. Invoier still appears in the EIC Fund's list of invested companies and has its own EIC Fund portfolio page, which gives no amount or date.

The third form is a credit guarantee. In October 2023 the European Investment Fund signed an InvestEU-backed guarantee of up to €58 million with Invoier, covering factoring, invoice trading and loans to Swedish SMEs, as reported by tech.eu and announced by Invoier. A March 2024 company post described this as SEK 682 million "from the EU" to cover credit losses and raise buyers' appetite for risk. A guarantee is not cash paid to Invoier; how much of it has been drawn is not public.

The filed accounts, shown by Hitta.se, show a business that is growing but far from break-even. Net sales rose from SEK 6.34 million in 2023 to SEK 9.50 million in 2024 and SEK 14.50 million in 2025. The net loss was SEK 15.56 million, 15.25 million and 16.76 million in those years, and staff stayed at 18 to 19. Syna confirms the 2025 sales and loss, but gives revenue growth of 69.8% from 2024 to 2025, while the Hitta.se figures give 52.6%; the reason for the difference is not stated.

The balance sheet is the pressure point. Equity rose from SEK 17.76 million to SEK 20.23 million during 2024 despite that year's loss, which points to new capital of roughly SEK 17.7 million; who supplied it is not public. During 2025 equity fell to SEK 8.08 million and total assets to SEK 11.17 million. Equity at the end of 2025 was less than half of that year's loss. No funding round after 2022 has been announced.

A Market Whose Size Keeps Changing

Invoier's materials have described the market it is challenging in very different terms. Its August 2021 release spoke of a "EUR 3,000 billion factoring market", while fintech.global's report on the same round cited €300 billion. The CORDIS report gives "+1,800 Bn EURO" for Europe in one paragraph and "over 18000B Euro" for the EU in another, and today's investor page says €1,829 billion. None of these documents cites a source for the figure.

Why Europe Should Care

Late payment is a recognised EU policy problem. On 12 September 2023 the Commission proposed a Late Payment Regulation to replace the 2011 directive with a strict 30-day maximum payment term, noting that late payments hit SMEs disproportionately; the Association of Corporate Treasurers reported the proposal and the industry objections to it. A marketplace that turns unpaid invoices into cash at competitive prices addresses the same problem from the finance side, and the EU has backed Invoier through three separate instruments: an EIC grant, EIC Fund equity and an InvestEU guarantee.

That makes the missing roll-out the central question. The European case for funding Invoier was a single market for SME receivables, in which capital moves across borders to wherever it is priced best. A platform that serves Swedish companies only, however well run, is a national business.

The Verdict

Invoier has not been asked for comment for this article. It is based entirely on public records, company statements and EU project data, linked throughout.