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Carefree management of your personal finance

• App users receive their invoices directly into the application and can easily manage and pay them or request for payment extension.
• Payment extension service is provided in co-operation with Mash Finance Oyj
• Basic use of PayUp is free of charge, PayUp charges users from additional services such as payment extension service.
• Nearly all domestic invoicers are part of the service
• Invoicers get the service free of charge and without integration
• Scalable technology and business model
• Target is to be profitable in Q1/2020
• The ultimate goal is to be an international player


Investor proposal

Come along to update the consumer payment transactions to match today’s needs!


The problem this product solves

Lost paper bills? Electronic invoices lost in inbox? Is the due date approaching and the account balance already below zero? Managing your personal finance can be distressing.

According to the survey, half of Finns have paid at least one invoice late in the past year
• 61% say it was due to lack of money
• 46% say they forgot to pay  (Source: 23/11/2016 Intrum Justitia)

How the product solves it

PayUp collects users’ invoices into the mobile application and reminds of payments getting close to the due date. Paying bills is easy, the user can pay all invoices at once. If the user's invoices are overdue or getting close to overdue and the salary has not arrived yet, the user can easily request for a payment plan with the PayUp payment plan service. The payment plan service has been implemented in co-operation with Mash Finance Oyj. The invoices are archived in the application, so they can be easily found afterwards.

Product features

Benefits for users:
1. Payment plan requests easily from the app
2. Automatic reminders for pending invoices
3. Smoother invoice management
4. Possibility to pay more bills at once
5. No problems with unpaid invoices
6. Possibility for automatic payment of invoices

Benefits for invoicers:
1. Cost savings from billing and customer service costs
2. Invoice payment on time
3. Competitive advantage through better service to the end user
4. Invoicers receive these benefits automatically and free of charge without having to integrate with PayUp.

The service uses a new e-invoicing standard approved and implemented by the e-invoicing forum.

Product use cases

PayUp is an easy and user-friendly invoice payment application. With PayUp, invoices are always with you on your mobile phone and paying bills is fast, smooth and they are paid in real time. App users can also request more time to pay their invoices with the payment plan service, which is offered by PayUp and Mash Finance Oyj in collaboration.


Timo Juusela avatar
Timo Juusela Founder, CEO and member of the Board
Over 20 years of experience in e-invoicing and e-customer service development from companies such as Telia, KPMG and PayUp Solutions.
Kari Honkanen avatar
Kari Honkanen Founder, Solution Architect and Lead Developer
Over 25 years of experience in demanding IT projects such as PT-ATK Center, Tieto, Festum eServices and PayUp Solutions.
Jorma Yli-Jaakkola avatar
Jorma Yli-Jaakkola Chairman of the board and shareholder
Previously worked in Euroclear Group, responsible for legal affairs in Finland and Sweden. Also worked for three years in London, in charge of legal matters for Euroclear's business development projects. Currently, Borenius Attorneys Ltd, which focuses on e.g. financial regulation.
Jarkko Joki-Tokola avatar
Jarkko Joki-Tokola Member of the board and shareholder
An experienced startup entrepreneur and manager, and an investor with excellent problem solving and management skills. Jarkko has significant experience in the international technology start-up environment from start to exit (CRF Health and Lifeline Ventures).
Janne Juusela avatar
Janne Juusela Advisor and shareholder
Janne is a shareholder of Borenius Attorneys Ltd and head of the tax unit. Janne is ranked one of Finland's leading tax experts (Chambers Europe).
Timo Ahopelto avatar
Timo Ahopelto Advisor and shareholder
Timo is a diverse serial entrepreneur and early-stage investor from hardcore biotech to consumer products (CRF Health, Lifeline Ventures, Supercell).


Target Market

There are approximately 350 million consumer invoices sent annually in Finland, of which nearly 2/3 are still paper invoices. In Europe, nearly 20 billion paper invoices are being sent annually.
The first target market for the product launch is Finland.

Competitive landscape

In Finland, competitors include: Clark, Klever, Netpost and banks' e-invoices.

Unique differentiator from competitors

  • Invoice Coverage. PayUp uses new e-invoice address approved by invoice-operators, which covers over 175K invoicers. In comparison e.g. banks’ e-invoices can currently be received by ca. 50K invoicers.
  • Earning. The basic usage of PayUp is free of charge for users and invoicers. Earnings are based on additional services for users such as payment plan service.
  • Experience. The company's founders have both 20 years of experience in the development of customer service automation and e-invoicing.
  • Cost-effectiveness. PayUp has automated its process and the operating model is very cost-effective. The goal is to be a profitable company in Q1/2020.

Company revenue streams

PayUp charges users from additional services such as payment plan service.

The invoicers get the benefit brought by PayUp free of charge.

Product/service distribution

Google Play Store and App Store. The service will be released to all users in June 2019.


Previous milestones/traction

The founders played a key role in creating the world's first consumer e-invoice in 1998, developed between Telecom Finland and Merita Bank (current Telia and Nordea). In addition, Timo and Kari have developed the world's first automatic payment plan service. PayUp is the updated version of the above mentioned services together.

Next key objectives

  • Product launch for consumers, rollout 6/2019
  • Product development projects related to automation and additional features e.g. brought by PSD2
  • Marketing campaign (digital marketing and joint advertising with invoicers) and acquisition of critical user mass
  • Profitable business in Q1 / 2020
  • Starting a market research for internationalisation in co-operation with Business Finland
  • Obtaining a Europe-wide payment service license
  • A systematic path to become the world's leading mobile invoicing service provider.

Previous Financing

  • Business Finland Product development grant 85,000€ and private equity investment 85,000 € in Q3/2015
  • Business Finland Product development loan 150,000€ and private equity investment from private investors 82,500€ in Q3/2016
  • Private equity investment from private investors 65,000€ in Q3/2017
  • Private Equity investment Privanet Group Oyj 200,000€ in Q1/2018
  • Private equity investment from private investors 65,000€ in Q1/2019


Use of funds

Launch and development of PayUp.

Industry Certifications/Awards

In 2003, the payment  plan service automation was selected TeliaSonera’s development project of the year for being “the most cost-effective and customer-friendly service”. Payment plan requests were the biggest single cause of customer service calls, and Timo and Kari together developed a self-service option for it, which brought millions of cost savings to TeliaSonera Finland each year.

Return on Investment

Our goal is for investors to multiply their investment value during the next five years. The investor's profit is realized through the shares increased value, through acquisition or through merging with another company.

Risk Analysis

During  the FSA registration we have prepared a risk analysis and action plan in case any risks actualise. No individual risk rose over others. The business environment is defined by normal B2B competition as well as growth company related business risks.

Risk Warning

Privanet Group is a Finnish investment service group specialized in trading unlisted shares and managing companies’ financing needs. Our group includes the parent Company Privanet Group Plc, the fully owned subsidiary company Privanet Capital Markets Ltd, which focuses on capital market transactions, and its subsidiary Privanet Securities Ltd, which operates Finland’s only marketplace for trading securities of unlisted companies. Privanet is working closely with FundedByMe, the international crowdfunding platform. The entire Privanet group employs approximately 40 people. We have branches located in Helsinki, Tampere, Turku, Oulu, Jyväskylä, Vaasa, Forssa, Joensuu, Lahti, Mikkeli, Ylivieska and Kuopio. We provide a large variety of services aimed at bringing together investors and those in need of funding. http://www.privanetgroup.fi/?lang=en