Good morning and welcome to today's investor forum here at Fortnox headquarters in Växjö, Sweden. My name is Simon Granath, and I work as an equity analyst at ABG Sundal Collier, covering Fortnox, and I will be moderating this presentation. In the next session, we will host a presentation from the CEO of Fortnox, Tommy Eklund, and also from Michael Hansen, who is the CEO of Capcito and the latest acquisition. You will also be able to ask questions in the chat while, so please do so, and we will follow up the presentation with a Q&A session. With that said, Tommy, please go ahead and present. Thank you, Simon. Just for your convenience, we have a couple of slides in the slide deck. That is not the purpose of today's presentation because focus today will be Capcito and also an update on the recent acquisitions that we have done during 2021. I will just show you that we have a slide deck that is a combination of the CMD that we did in January and also the quarter three presentation. It shouldn't be anything new, but I'm just gonna zap through the different slides and do some just the touchpoints on a couple of slides, although it's not the focus today. Our vision, more and more of our investments are going in this direction now. You know, Fortnox come from a value proposition where we are selling efficiency, so to say. You're buying our software to become more efficient. If you buy our software, we give you time back. That's just been quite successful and a lot of business-to-business software has that type of value prop. And with our low price point, of course, that's a really good return on investment for our customers because the price point is low, and we give a lot of time back. What we can do and will do forward is invest even more in also making sure that our customers become more successful. That is giving back more of our experience, knowledge, and all the data we have. With that, we also take more responsibility that we're not just giving time back, we're also making sure that the actual companies become more successful. More and more of our investments that you will see going further, going forward will take us in that direction. That's the purpose of the new vision. Again, I'm not gonna talk about all the different slides because if you're interested in the slides, please go ahead and look at our CMD. It's available on our website or the Q3 presentation. But just a few words on our pricing strategy, which is something that sometimes is misunderstood. I always get questions about price point and if we should increase or how do we think about pricing. When we're saying that we have SEK 99 per month, that means that it's SEK 99 per company or per user and per product per month. Since we have 30 products right now, that's just a small portion of what a company may pay for. That is important to understand that when we're saying that we're probably not going to raise the SEK 99, that still means that we have an aim to have more than SEK 300 per organization by 2025 without increasing the SEK 99. Here you can see that we have transaction-based revenue, which is that our customers pay per usage. You're sending an invoice, you're sending a payslip, for instance. We have also the lending-based revenue, which we are going to talk about today, roughly about 2% per month. The transaction-based is between SEK 2 and SEK 20, depending on what type of transaction we're talking about. The 99 SEK is again per product, per user. We have packages, which is more a way for us to package what the customer needs. Roughly now it's about SEK 150- SEK 300 per month for a package. We have also started to release solutions, which is prepackaged solutions for a specific industry which have a higher price point. All of that together is what we're saying is supposed to increase and be more than SEK 300 by 2025, and that's per customer, and a customer in our definition is an organization. It's important to understand when talking about price. Products, packages, and solutions, that's what we're selling. Again, this will be distributed, so you don't need to read all the slides right now. Customers can be either direct customers. They enter into the Fortnox platform via our webpage, or they can enter into the Fortnox platform via a partner that's an accounting firm. We have indirect sales through the accounting firms, and we have a direct sales channel, which is our webpage. Independently, where you start, you normally end up somewhere in between also being a customer to Fortnox and an accounting firm. That means that you may start as a direct customer to Fortnox, but then over time, you might need some services from an accounting firm, for instance, account closing or annual reports or something like that. Then we connect that need to one of the accounting firms that we have in the platform. You may enter into the platform through an accounting firms, but then over time, you may want to be a bit more active as an SME, sending in receipts or invoices or do time reporting or things like that. With that, you are onboarded and also to have a relationship with Fortnox. Both those directions, you end up kind of in the same place, and it's when we're moving customers into being a customer to both accounting firms and Fortnox, revenue increases and customer satisfaction increase. That is something that we promote. We've said this before, so I think this is known for all of you guys that are following Fortnox. About 1.5 million businesses in Sweden, and we have 410 right now. About 6,000 accounting firms are customers to Fortnox. It's about 23,300 in Sweden. We have all the bigger accounting firms, and going forward, we'll also package our offer for smaller accounting firms. I will skip the history, but because I think you have this, and this is the performance after quarter three, I'm not gonna mention that now. This is the internal KPI that we are talking about, which is the rule of 40, although at Fortnox it is the Rule of 60. When you're adding growth and EBIT, it should, on an annual basis, increase 60. That's what we're internally following. We're not guiding on financial numbers, but you should understand that this is what we're following. After quarter three, it was 79. Regarding our Rule of 60, we had quite a healthy number after quarter three. The customer growth is stable, and that is also something that we're following. Although we're not guiding on financial numbers, we're saying that if you are supposed to follow two numbers at Fortnox, it should be number of customers and revenue per customer. We've said that, we said that when we communicated in CMD, that we think that during the upcoming business plan period, we can double both. Back then, it was about 350,000 companies. We said that we will be more than 700,000 customers by 2025. Back then, we had about SEK 150 per organization and month. We also said that that is something that we can double during this business plan period. We're quite comfortable regarding these numbers. We're on track, and regarding number of customers, we're a bit ahead. I think we're quite stable path towards these KPIs. Yes, since I talk about the product so much during the CMD, I will not spend so much time on these slides now, but it's updated, so it's for you guys to look at the presentation afterwards. You can contact us if you have any questions or want dialogue in any concern regarding any product area. Accounting, we released accounts closing through Agoy. Billing, still an area that is growing quite rapidly. We also released Invoice Mini in quarter three. The people area, which includes our payroll solutions, it's actually the product area that is growing the most right now. It's an interesting area going forward. As you can see, we are distributing more than 260,000 payslips now per month. It's a lot of people engaged in this area if you count the number of employees that also get touchpoints from us. The finance vertical, I'm not gonna spend time on that now because since we have Mikael here, this is the highlight for today's presentation. Insights, this is the area where we're investing more on how we can benefit or give back all the knowledge that we have based on data so that we can give insights back to our customers to improve their businesses. This is just like a fun fact that we took the regulations regarding COVID support, and we combined that with all the data that we have about the organizations. With that, we actually helped our customers to gain more than SEK 1 billion during 2021 in COVID money. It was just a small thing, but it's really powerful when we're using the data that we have and also combine that with the knowledge that we have about government regulations and stuff like that. Enable an area that we're investing more and more in now. This is where we're having our message mailbox, storage, user identification, role management, all the things that we think you need to run a company, so to say, besides our product. This will be kind of de facto standard for when you're running a company. Something that will be shortly released to all our customers. This also includes Lagerbolag, which we will talk about later. The App Market was released in quarter three. Something that we have talked quite a lot about, so I think that you guys listening to this are quite aware of what we're doing in that area. Offerta, I will save that for the M&A update. This is just connecting to our vision that it's important to understand that historically we come from bookkeeping, accounting, and something that you must have to run a company, and few professional users. More and more of our investments are going to have more users and not just professional users, and also moving ourselves closer to our customers' core business. Because when we're offering more things that are closer to our core business, of course, we can make them more successful, we can support them more in how they should run their business. Although, of course, that we should always be number one regarding these must-have things and support the professional users, we think over time that we can support companies even more with a broader user base and all the insights that we have to really move ourselves into also support their core, our customers' core business. Offerta is an example of that, where we're, you know, investing in also giving our customers businesses in the platform. Yeah. Short update. I think we haven't showed this, but I guess it's kind of obvious that we are interested in having a combination of organic and acquired growth going forward. We are looking at companies that can scale on our customer base, so it has to be a product that is suitable for our customer base and also scalable. There are a lot of companies, smaller tech companies in Sweden that may have a really good product, but most of them are trying to establish a SaaS business model. SaaS business models are really good over time, but the characteristics of them are quite slow, so it's kind of hard to get things going. Of course, when you get things going, you get stable revenue and all of that. It's good over time, but you normally lack money and you lack customer, but you may have a really good product. We have money and customers, but we cannot develop everything on our own. We have quite a good strategic fit on many of the smaller tech companies in Sweden. That's the strategy, and a couple of areas that we're looking in right now, this may change, but right now we're looking into analysis and reporting, payment solutions, supplier invoices, customer invoices, spend management, employee management, and credit offers. These are the hot areas right now, but it may change over time. We are not interested in old technology, so we're looking for modern technology. Revenue-wise, it's not a fixed number, but we're not looking for companies that are bigger than Fortnox, so it's smaller companies in the Fortnox context, I would say. Maybe the most important thing right now to understand that this Rule of 60, which we're having as an internal KPI, is important for us also in the M&A strategy. Very few companies are delivering on that level. If you're adding growth and EBIT, it should exceed 60. We are not interested in any company that cannot, that we cannot put a plan on that company can deliver on those KPIs within two years. That's with the synergies of Fortnox, the companies that we're looking at have to be able to deliver on the Rule of 60 after two years. Small update. Offerta, our first acquisition, subscription-based, the biggest marketplace in Sweden for services. A little bit more than 2,000 companies pay a subscription to offer their services to consumers, so it's for free for consumers. They add, you know, needs in construction, home renovation, cleaning, and moving, and et cetera. You pay a subscription as a company to be able to offer your services based on those needs. Quite stable business. A good synergy with Fortnox product-wise because what Offerta is really good at is what happened before you win a deal. The things that we're offering the customers in the Offerta context is, you know, almost like CRM for smaller companies. Although we're not offering a CRM system, the features that we have in the Offerta platform is almost like a CRM system. Offerta is really strong in whatever happens before you win a deal, and we can even offer our customers actual deals, something that we couldn't do before. Fortnox is really good at what happens after you win a deal, because then you need to do invoicing, payroll, bookkeeping and everything should. You have financing and all the things that we are really good at as Fortnox core happens after you win a deal. Now we have a more complete offer for our service-based companies. In that sense, the product synergies are really good. Also the cross-sales opportunities is interesting because there are more consumers asking for things than what the current 2,000 customers can provide for. Since the price point of the Offerta subscription is about 20 times higher than what we have in the core business, when we can start to show the current Fortnox AB customers that there are available deals in the Offerta platform, that's a really good value for them. Whenever there's a possibility to show that they can be even more successful if they had an Offerta subscription, also revenue increases 20 times. It's good for us and it's good for our customers. Both product-wise and customer-wise, it's an interesting synergy there. Everything is going according to plan, and we also actually going forward now going to increase our efforts regarding marketplace. Since we released the App Market, we also have insurances inside the platform. Now we're combining all those efforts that we have in the marketplace area to combining a new business area. There will be a new segment called the Marketplace, and that will be a combination of the App Market and the Offerta ambition. Then we will have Offerta business to consumer outside the Fortnox platform, and then we'll also have a business- to- business marketplace inside Fortnox. That's something that we're investing in right now. What Offerta is really good at is the subscription management and also offers something that is really good for our customers, but it's semi-manual sold, so that is something that we now bring to the table as Fortnox to have a no-touch digital sales of their subscriptions. Agoy, small team, but really good people and a good product, acquired earlier this year. This was the last piece in the puzzle, so to say, for us to have a complete offer for the accounting firms. We did an investment to acquire 30%, and we have an option to buy the whole thing in early 2024. According to our plan, we're supposed to release that to our accounting firms in September, which we also did. Now we have had a tryout, and now it will be go live to all the accounting firms that have signed up for it. Really interesting product that has been asked for for the accounting for many years now. Everything going really good and according to plan, an interesting investment for us. Again, the last piece in the puzzle so for us to be complete towards the accounting firms. The last one before we get into Capcito, lagerbolag, kind of a small business, a revenue of SEK 20 million, but good profit levels, like 50% EBIT. We want to move ourselves closer to being early on being able to help customers as soon as they start their customer journey. We're closing up now to probably sell 10,000 companies this year in this structure. So many, because for us, it's so important to get a relationship quite early. In two hours, you can get a full, fully equipped company. You can start to run your company. Everything goes according to plan. Regarding the Rule of 60, this company is already above the Rule of 60. With the price tag that we have, we think this was quite affordable and also a lot of synergies. Thank you for the intro, and I'm giving the word to Mikael. Great. Thanks, Tommy. So yeah, I'm Michael. I'm CEO and founder of Capcito. I'm very honored and thrilled to be here, thrilled by the joint opportunities that we see together. When we set off to start Capcito back in 2015, we envisioned a future where all businesses have easy access to fair financing. That's the journey we took on. We started doing that by providing working capital products from our own balance sheet under the Capcito brand, doing that with a high degree of automation. To be able to do that automated, we needed data. That data we found in cloud accounting platforms like Fortnox and its competitors. That's where we started. Then over the years when we developed that platform, we also found that that became more and more attractive to other players on the market, our competitors. SEB, for example, being the largest commercial bank in the Nordics, reached out three years ago and said, "We want to invest in the company, and we really would love to use your technology." That's where we ended up building a SaaS product in the end, taking our platform and then making that, as it is cloud-based in a SaaS solution, we started offering that to other players on the market, where SEB is the customer that's live and kicking since March 2020. With that history, we have then developed into two different companies. Monto being the SaaS business, offering our technology to others, and then Capcito being a balance sheet lender, offering working capital products like business loans, factoring, or invoice discounting directly to small and medium-sized businesses in Sweden. That's where we come from. Growth rates, we had a very strong growth coming into the pandemic, on the balance sheet, direct lending business, but then faced some, you know, challenges in terms of risk, where we're a little direct, when the COVID started hitting. We had more of a cautious year on the lending side. On the other hand, we saw a strong incoming interest for our SaaS offering, with SEB as a reference customer and communicating that in the beginning of 2020. Other factoring companies and banks started reaching out to us. That's when we decided to launch the Monto brand in a separate entity. That's not where the majority of our focus lies going ahead. We are a little bit more than 45 full-time equivalent in Stockholm. We have a loan book a little bit more than SEK 150 million, which is the money owed to us as of today. We've paid out more than SEK 2 billion on the platform over the years. We have around 14,000 businesses connected to our product, sharing data, being scored. Good numbers to know is that we have an average around SEK 2,000 in revenue per month per customer on average. When we looked this morning on the Fortnox numbers, 10% of our active customers use Fortnox, but they actually generate 30% of the volume. The average revenue per Fortnox customer is more than double, so more than 4,000 SEK per month. That's where one of the key synergies lies. We're extremely data-driven. As SMEs have been underserved by the incumbent banks over the years, which is a frustration I've experienced myself being early-stage investor and founder of other companies. To get working capital from incumbent banks has been a challenge over the years. That's why we wanted to do it digitally and automated and use data. The data we started with was from the accounting platforms using API connections. We have today integrated with some 20 different cloud ERPs, and we use that data to analyze the performance of a business and where it's heading. That's how we calculate the risk and the price, and how much we can grant in terms of credits for a small business. We also then added bank data over the years, so we use the PSD2 open banking APIs to get access to our customers or potential customers' transaction account data. With that, we can also calculate the performance of a business. It's either a complementary channel for getting data, or it can also be a substitute if we don't have access to the accounting data. On top of that, of course, we add external data from other sources. I regularly say that we kind of do what the credit bureaus do, but with real-time data, and we don't look so much on the latest annual report. We add the real-time data with other sources like tax authorities or criminal records or whatever, so we can then assess the customer in seconds rather than weeks. That's pretty much what we're doing with our platform. As we built this actually to start with for our own use and then SEB coming along and saying they want to license it, that was the beginning of the Monto journey. Today we have a full- stack platform from onboarding customers to sending it to collections or receive payments from these customers. We do pretty much everything in between. It's a full platform for offering, for example, a factoring company, they can do pretty much the whole business on our platform. The key on the platform is to aggregate the data from different sources and then do insights on that and scoring. On top of that, we can then do monitoring. If, for example, large bank like SEB would connect all their SMEs, we can then support them with monitoring on the performance of the whole loan book or how the customers are performing, how they're growing, what segments can they grant more credits to, or where should they be more cautious. Of course, when the pandemic hit, everyone was a bit surprised of the speed. We looked at some of the data, and we had a 20% decrease in terms of sales volume across the board in our customers, from March, early April until mid-summer. That's kind of the value of having real-time data that you can see directly when things are happening. At the same time, we could see segments that were really taking off, having strong, you know, growth in spite of the pandemic. We could then see what segments can we support and what shouldn't we support in terms of a risk perspective. That's where we invested a lot over the years. Of course, we have everything in a back office. A sales representative at the bank or credit person at the bank, for example, can then use that all this data in an aggregated way, and then make their own decisions manually or automated. Currently, 50% of all our credit decisions are automated. We're aiming for 70 as a target. We have Monto being a SaaS business and offering our technology and platform to other lenders. We also have Capcito being the proof of concept to show the market how this should be done. That's a separate brand, takes on their own customers and have been partnering quite a lot with Cloudfresh. Some of the competitors for Fortnox, we also have a partnership with actually two banks referring customers to us. We're serving other customers from our balance sheet. That's been a very important distribution model for us to reach new customers and get more revenue. That will continue. Coming into the combination of Fortnox, Capcito, and the rationale and what's next. Currently, we have a few initiatives that we have started together, where one is that Monto will empower Fortnox to provide their working capital products in a more digital and automated way. We take what we have and then add it to what they're offering and then improving speed and accuracy in granting these credits, mainly on the factoring product side. We're also launching just these days, as a partnership with Fortnox will refer customers to Capcito business loan offerings, which we will take off our own balance sheet on the Capcito balance sheet. We have two big bets already started, coming into play here. That's what we're focusing on in the near future. Longer- term, we envision that we can add more knowledge and experience on the lending side from Capcito as we've been pioneers in using real-time data. We hopefully will add more value and knowledge to the Fortnox family and further then boost their financial products and working capital offerings to small, medium-sized businesses. That's where we will dig even further. We're also looking into new product offerings like buy now, pay later, which is super interesting, which is a great opportunity. We will combine these together and then offer more broader offerings, better products, more products, and hopefully increase the value of this together. Monto, then also this is also one of the reasons why I and my cofounders and my team really like this deal to start working together. Fortnox is sitting on what we've been hunting for over the years, the data. Having more than 400,000 SMEs, and our platform, with that, we can make it even better, and hopefully then lead that into new offerings to the market where other lenders can use our scoring technology, which then can be even more accurate. As our vision was to provide working capital product to SMEs in a more fair and transparent and fast way, this is just boosting that vision and making it come true. I'm really pleased with that we get access to all of this. Capcito is also, it's geared today outside of the Fortnox family. We have Fortnox customers, but we haven't really been working that very close with Fortnox on this. We have used other channels to find customers, which is direct sales, you know, online advertising and building a brand and other channels. That will continue. Capcito is more focusing on customers which is not on the Fortnox platform. We can service those as well, but the key is actually to find those who are not on the Fortnox platform. Run that as a separate brand. We also have partnerships with banks, like Nordea is a partner of Capcito, actually referring customers to Capcito, and we take them on our balance sheet. Partnerships like that, we hope to have even more of in the future. That's kinda where we stand with these two. That was perhaps faster than expected, but. More questions. Yeah. Exactly. Thank you so much, Tommy and Michael. Let's jump into the Q&A session. We have received a couple of questions, but if you do have any further questions, please feel free to put them in the chat box. I will start off with some general questions. I know that one question that I have received from investors during the years is when or is Fortnox going to go abroad? So my question regarding that, I guess we could ask that first, but also as a follow-up question to that, could Monto also be expanded abroad? Could that be expanded into other countries? Yeah. I've answered this question a couple of times before. No, top priority is Sweden. We have so many opportunities in Sweden, and I don't want to miss out on that opportunity, so I need to make sure that we're delivering on the opportunities that we have and supporting our customers in Sweden. That's still top priority. When I'm comfortable with that, of course, we are looking into opportunities outside Sweden. Of course, then these types of services are more generic than, for instance, payroll and other parts of our platform. Of course, now when we're broadening offer, it will also increase our possibility to also being able to go in Europe with certain parts of the platform, so to say. Yes, there is an opportunity for this offer to go outside Sweden, although it's not the focus. Perfect. I know that Fortnox Finans has been there for a while. It is not your core business historically, but it's been there for quite some time. Could you talk a little bit about the penetration rate regarding your more than 400,000 customers? How many of them are using Fortnox Finans services, and how accretive is that vertical? Yeah, we haven't revealed that number, but all of you understand that the revenue per finance customer is many, many times higher than what we have in our core business. You can understand that the penetration is still quite low. I have communicated that it's in the high single digits regarding penetration, regarding number of invoices. So that's regarding the invoicing service. Based on the invoicing service, we're offering factorings. So invoicing service is higher penetrated than factoring. Of course, this is the main purpose of the acquisition. That's the obvious low-hanging fruit, so to say, to speed up that penetration, because we know that the customers that are using these services, they really improve their cash flow, and that is the most challenging thing when you run an SME. It's definitely valuable that we can increase this penetration now going forward together with Capcito. Tommy, you and I have spoken about your potential PayEx product going forward. Is Capcito one of the last missing pieces to fill that puzzle? What is PayEx all about? It will speed up that for sure. With the technical capabilities that Capcito is bringing to the table, this will definitely speed up. It's something that we will launch anyway. Of course, with the way that Capcito is doing credit scoring, it will definitely improve our services that we have had historically. It's something that we will bring to the market as soon as possible now together with Capcito. Monto is one of the platform or one of the key products you have for banks right now. Do you seek to launch even further products to the banks? What should we expect regarding this area? How will the dialogue change with the banks going forward? Yeah. We are in dialogues with many other lenders. We have the platform where they can, you know, automate lots of their offerings. With the data, we can make scoring even better. I think that's the key value here, that we can make it even more, you know, automated and more accurate in terms of risk and pricing. That will then, hopefully, my vision is that more medium-sized businesses are... I want them to realize their dreams. The more lenders that can provide working capital to them, the better. That's hopefully what we can achieve with this, to make everything even more automated, and then bring working capital products to small and medium-sized businesses that are underserved today. Hopefully that will come through the data and the relationship with Fortnox. Mm. Yes. They don't feel that you're competing with them? Or I know you touched upon the subject during the presentation, but I'd like to ask the question even now. That's a question we get very often, and the way normally I respond to it is that, to some extent, yes, but that's the new world. That's how it is. On the other hand, it's you know, we're actually using our own money through the product. And getting all the, you know, the feedback from customers, then making it better and better and better, and that will then also be used by our those licensing our platform. They will benefit from that. I would say it's better to be on it than not. Yes, there is. Then also if you have SEB, for example, using our technology, there's been, of course, some real, you know, the agreements and the protection of the data. It's bank secrecy challenge. That's been a very big thing to make sure the data is protected and separate so that we can give that comfort as well. I think that's also very important. Yes, kind of the answer. Mm-hmm. Thank you so much. I will now look at some of the questions that we have received from the audience. Initially, have you heard about a Danish company called Ageras? They seem to have a very similar product offering to yours. Yeah, we heard about them, but yeah, I cannot comment on that right here, right now. Yes. Mm-hmm. I don't think that. It's not that similar, actually, but yeah. Okay. Tommy, can you provide us some flavor to Offerta's path to the Rule of 60? Yes, it's a SaaS business, very scalable. With growth, we can increase margin. That is, you can see with other platforms in Sweden, like Blocket and Hemnet and those kind of platforms. When you are kind of the number one player, your numbers becomes like a SaaS business. A successful marketplace is almost like a SaaS business regarding metrics. Offerta is still too small to leverage from scalability, so to say. With our customer base and the combination of the, you know, Offerta place in the market and our customer base, we can scale that. We see that as, when we're scaling it will definitely grow in the same pace as we have the ambition to grow the overall corporate group, but also have the margins that we, you know, put on all our positions. Both growth and EBIT will improve now going forward. Mm-hmm. We're still need to do investments, and that's why I'm saying that, you know, any big changes in 2022. We're still investing, but going 2023 and forward, we see that we can have a business that is growing in the ambition that we have for the company group as a whole. We say investments, should we expect an acceleration in investment or more so a No, it's just that we're combining our efforts, and that's why we're moving the App Market inside the Offerta to get a critical mass of businesses within the platform, so to say. It's more about the way that we do business, so it's not that we're increasing the investments. Thank you. Is there any risk pertaining to the ERP integration that Monto has now that Fortnox owns it? To the ERP integration? Yeah. In what context? Yeah, to our competitors. Hopefully not. Monto is servicing other lenders with our platform in a SaaS solution. The way it works, like SEB have their own agreements with those providers. We just empower them to connect and store the data, do insights on it. It's totally separated from it. It is a different database structure in the cloud, so it's quite separate. It shouldn't be a challenge. Mm-hmm. Okay. No, you know, it's an ecosystem, everything right now. We have, you know, over 400 partners that there are in certain sense, competitors there as well, which we, you know, encourage because it's an ecosystem. Sometimes you do cooperations and have partnerships, and sometimes you compete. It's the best solutions for our customers that always wins in the long run. So we don't see that as a problematic thing. You have on the banking side, you have the PSD2 directive for open banking. So all the banks have to share the data. It's regulated by the European Union. So there you have it as well. Thank you. Good answers. What kind of buy now, pay later offering are you looking at? What type of businesses would you be targeting? Yes. We already have the payment product. As for now, it doesn't include buy now, pay later option, but you can do direct payments. When you have a supplier invoice, you can in the app easily pay that with just one click now. But that goes through our account, and it's like an e-wallet for our customers when they get invoices. The next step on that product is to offer the BNPL feature or buy now, pay later in that rail, so to say. Then also in the next step, offer our customers a checkout for their customers. When our customers are invoicing, they will offer their customers a Fortnox checkout, and with that also include buy now, pay later option. How do you plan to finance the expected increase in use of the financial services? You have a way of doing it. No, we don't see that as a big problem, so to say. I don't see that, you know, we are a SaaS company, so I don't see that we are not a bank, and we don't want that much on our balance sheet. Over time, we probably would like to move that away from our balance sheets. Right now, you know, the interest rate, the list price is 2.5%, so that's 30%, but that's per month, so that's 30% annual, and the loss rate is about 2%, 2.5%. You know, the cost of money right now is quite low. The gross margin on that business is quite healthy. How we're financing that right now, it's not that important for now. For now, it's more important to speed up the volume. Then if we're taking that on our balance sheet or how we're, you know, financing it, we will take decisions on that going further. Tommy, could you please comment on how your plans for Fortnox Finans changes now, and after the acquisition of Capcito? It's not a big change, because this is more like, you know, we're just accelerating our already the plan that we already have. We're broadening our offer a bit because now we have traditional business loans, which we hadn't before. That's a way of broadening our offer, and that was not in our near future roadmap, so to say. That was a way of accelerating our offers by broadening that. Of course, the core business is factoring, and now we're combining our efforts, that's definitely something that we're now going to the market in a much faster way. We have also had plans on because the way that we're doing credit scoring, and I think both Capcito and Fortnox has been quite unique in the way that we're doing credit scoring. I haven't seen any other vendor that is doing that real-time credit scoring based on all the data points that we have. So we are quite unique in that, and I think over time, we will definitely be, at least in Sweden, number one regarding credit scoring for sure. We have had internal discussions at Fortnox if we were to because we have always been really much into open APIs and open data and creating ecosystem around our businesses. So we have had plans to actually create an ecosystem around our real-time credit scoring, and that is Monto. So now we're also accelerating that opportunity by creating an ecosystem. Of course, one can discuss should we keep, you know, the way that we're doing credit scoring. Of course, we will be better than the other vendors of doing that. Should we keep that as a competitive edge to our own factoring, or should we create an ecosystem? We think that the market is so big, so it's better to create an ecosystem around the data. You know, no one should keep the data. We think it's better to have open data and create ecosystem around that. The market is big enough for all players. We still have a big competitive edge by having our customers in the platform. That's still big enough competitive edge, so to say. Yeah. Also, if even if the same data, same scoring technology in the background, they all have different risk profiles or pricing structure. In the end, the result will be different. Yeah, I think Monto have shown that it's not just the factoring companies that would like to have this offer. It's also the bigger banks, it's insurance companies. There's a lot of other institutions and companies within the society. Yeah. That can benefit from having real-time credit scoring. Mm. That's why we want to build a whole ecosystem around that data. I think you were touching a really essential subject here, being the real-time credit scoring. Have you noticed any other companies on an international basis that are offering similar types of services, or would you say that you are quite unique in this space? I haven't seen, but maybe because it's your niche. No, there are different peers that are of interest. Tink is one on more on the consumer side using the open banking directive. I think that's a super cool company. They've done pretty well as well. And there is a company in the U.K. called Codat. They do ERP connection API to fetch the data and then forward it to someone else. So just that part of it. They don't do any insights or credit scoring on it. So just that the pipelines. I think that's also quite sexy company. No, there are not many doing what we're doing in that way. Mm. That's pretty unique. Interesting. Will you use your own balance sheets to lend out money to customers? I guess we have addressed that area. Yeah, for now, but with size, we'll probably change that. Yeah. Can you mention a few examples of how customers use your payment products? Guess it's mostly B2B. Yeah, you mean, like I explained, you know, we have two different versions of them. It's supplier invoices and customer invoice, but the rates are also one-third of the invoices distributed. These SEK 500 billion that I talked about during CMD that our customers are invoicing for the amount of SEK 500 billion right now. Mm-hmm. One-third of those are business- to- consumer. We also have a touch point on the business consumer business, although it's not our core business. Of course, we need a way to also offer something on the business consumer side. Of course, our core is why we're doing that is for our customers. That's not our core, but of course, they also want to be able to to offer a good checkout in their consumer business. Our core will be business- to- business for sure. Business- to- business checkouts will definitely improve going forward. Yeah. Thank you. How will the shift from offering must-haves for specialist users to a broader platform impact unit economics? It's maybe with the network effects, it's kind of hard to speculate on. Of course, since we're having price per user, of course, it should have an impact on the subscriptions and things. We're also, you know, we also have lending business, we also have transaction-based. We have a lot of different things where we're charging our customers and we're talking about payments now, which is often a percentage of revenue instead, which we haven't introduced yet. Mm-hmm. That's something else. When we're talking about percentages, our checkouts, that's actually percentage on the 500 billion. I think that with more usage, we will have the ability to pay for value in a much better way. I think that over time, you know, how you're using the platform will benefit you as a company owner, and with that, you're willing to pay for that value. I think that over time, these types of transaction-based and lending-based and different ways of charging our customers would be more obvious than the SEK 99 a month, which is more for a software. It is sometimes hard to connect the SEK 99 for value. If you're saying that it takes SEK 5 to send an invoice, it's quite easy to understand the value for that, and you understand that it's a bargain compared to if I were to do it on my own manually. We have different ways of making sure that we're charging our customers for the value that we bring to them. Thank you. How much data will your clients be able to use to develop their businesses, both accounting firms and companies? I think that we will have a hard time to speculate on that. We're just starting to do insights on that. But I'm quite sure that again, that insights, if you just look at the value of them, they will be worth so much more than the SEK 99. Then exactly what that will be, we're not sure. You know, it will be a lot of AI-based things, and you don't, it's hard for us to even understand, speculate on how much value we can bring by just, you know, using the data that we have about our customers. So we don't know exactly what. We're just quite sure that it will be a lot of value in that compared to the subscription-based business that we already have. Do you have any plans to offer solutions for companies which have excess liquidity, for example, lend out money P2P? You can do that. Take that. Actually, we have a vision at the Capcito that we wanted to be able to offer our companies or customers to put their cash flow on autopilot. As we have the data, we do the scoring, we do the cash flow projections of where they're heading. We will know in advance when they have a cash flow squeeze coming up. That's one way, you know, to deposit money on their account automatically, and they can just run the company. We will optimize the cash flow. With that, it's quite sexy. If you then add the other dimension that if they have excess cash on their accounts, why don't we channel that somewhere else and give them a good interest on the money? Definitely. Fortnox is not a bank, so they don't have the account structure to be able to do that fully automatic. There are other ways to do it that you can channel it to other partners. Yeah, I think that's super sexy. Yeah? Yeah. One question is, although Fortnox Finans has grown well over the past years, the division's growth have been below the group. Would you say that there are any specific pieces that you have been missing to the puzzle, or why has Fortnox Finans grown below the average for the group? Yeah, it's definitely not according to my expectations. It's an area. It's a vertical where we're aiming to have better growth than group levels. I'm definitely not satisfied with the growth that we have had this year. We have had pandemic effect on the growth, and we've also struggled a bit with the migration into the new platform. We have developed a fully owned backbone for our financial services, three, four-year project, and we have migrated all customers from April until sometime in September. It's been a struggle. The whole business area have worked on that. Now we're through that, and we're being able to offer a more flexible and stable platform for all our financial services. With that, also adding all the capabilities and all the people from Capcito. I think that, yes, I'm not been satisfied with the growth, but Capcito is growing more than what we're doing at the core group of Fortnox right now. Plus, when we're combining our efforts, we definitely have higher ambitions regarding growth for next year. Mm-hmm. Another question, are there any customer sizes that your Fortnox offering is particularly suitable for, regarding SMEs within the one to five employee space, or is it 20 plus employees, or doesn't this matter at all? I think it's for you. Yeah. On the lending side, we go higher in terms of size, for the factoring and invoice discounting products. We can do much bigger companies. But that's kind of the segment. If you look at Nordea, they're targeting factoring customers turning around EUR 10 million and above. That's kind of the segment where the larger players are heading. We work below that level. But otherwise, in terms of segments, it's business- to- business customers mainly. It's consulting firms selling to other companies and larger corporates. That's a super good customer segment. You have lots in real estate construction firms. That's also a big segment on factoring, for example. In general, when we're removing all the onboarding investments, both regarding customers and invoicing, which we are now doing, together, so to say, because that has been the ambition for Fortnox and Capcito to remove all manual steps. When you're doing that, that opens up a possibility to offer these services to smaller and smaller companies and for smaller and smaller invoices. With this ambition, I think that our sweet spot will be smaller and smaller companies and also smaller and smaller invoices. Yeah. Can one say that you are driving a unserved market that practically hasn't been there before? Yeah, for sure. If you look at the Företagarna in Sweden, an organization for business owners, they do a survey every year, and 50% of the business owners say that access to working capital is one of the biggest hinder for them to grow. 50% says it's one of the biggest hinder for them to grow. If you can you know, solve that, then we can have increased GDP and more work for people, et cetera. You know, it's a massive opportunity, and they are underserved, yes. I thi nk we have time for one final question. What's your take on the possibility to offer green sustainable credit? With bookkeeping data, you can track emissions. That's a super sexy area. We've talked about it. We haven't really dug into it. Would love to do it more. We actually don't use any papers at Capcito. So that's one part. No one needs to travel because, you know, we do it remotely, and you save time. We are doing it greener than most, I would say. But what you're looking at there with the data and that's super interesting. I've seen a few startups in that field, so that's maybe something we should dig into. But that's not on the product roadmap for next year. That's not near future. Nope. Thank you. We are now running out of time. Do you have any final remarks, Tommy or Michael, that you would like to send us that we haven't addressed today? No. No. Thank you, Simon. Thank you so much for attending at the presentation and this event. The presentation will also be available afterwards on the Fortnox webpage. With that said, I wish you all a pleasant rest of the day. Thank you. Super.