Fastbill is sold to Canada

The startup has a new owner. As announced by fintech, Canadian startup Freshbooks has acquired the Frankfurt-based company.

Frankfurt’s Fastbill is now owned by Freshbooks, a Canadian startup with rhino status. Fastbill takes responsibility for and integrates staff and services into Freshbooks. Fastbill founder Rene Modrich will also remain CEO and General Manager of Freshbooks Germany. Commenting on the purchase, he said: “Freshbooks’ acquisition of Fastbill is a win-win situation. With the combined efficiencies, we can expand our range and meet the requirements of small businesses in Germany and all over Europe more specifically and quickly.”

Both companies support small and medium-sized businesses as well as the self-employed in the accounting field. Moorish founded Fastbill in 2011 with Christian Hafner. Four years ago, Frankfurt raised money from investors for the first time. The startup currently has clients in 16 European countries, which Fastbill is now taking with them to Freshbooks. Canadians recently raised $120 million to value $1 billion. Part of the money will definitely go to the acquisition of Fastbill, nothing is known about the exact amount forward financing But in the double-digit million range.

Freshbooks CEO Don Epperson is pleased with the companies’ merger: “Fastbill has a very similar philosophy and corporate culture to ours, so the acquisition wonderfully enhances our strategy to continue growing globally.” Fintech offers its platform in 160 countries and has offices in Canada, Croatia, Mexico, Netherlands and USA.

In a personal call, Moresh explained that “even if Fastbill is now part of a larger international company,” it will not result in a “step backwards” for customers, but rather “committed customer service, stability and continuous product improvements” can be relied upon.