Euvic is continuing to be proactive in the market. We keep on investing in partnerships and acquiring shares in innovative companies across Europe. Now we are happy to announce the investment in Swedish fintech company PayGround AB.
PayGround developed a system that allows VAT to be settled on parcels sent from China to Europe, an issue that is really huge for the whole Europe! The solution developed by PayGround is currently being used by PostNord, the postal operator in Sweden, which is responsible for the VAT settlement process from the growing number of parcels from China.
This is the first such effective solution in the European Union. We are hoping that it will also be adopted in other Member States. We anticipate not only the acquisition of shares in the Scandinavian company by Euvic, but also the joint construction of a technical team that will respond, among others, to for integrating the solution with various IT systems. Euvic has extensive experience in this field thanks to the cooperation with Polish Post Office. Bonair SA implemented an ERP system at the Post Office, while Euvic is responsible for print outsourcing there
Ola Hesselroth, transaction architect responsible for the Swedish market in Euvic Group.