Investor FAQ

Who can become an investor?

At the moment only legal persons can become investors. However, in the future we would also like to enable physical persons to become investors.

Who are the debtors against whom invoices are sold?

The buyers against whom invoices are sold are usually companies with a secure financial background. Inwise selects the purchasing companies based on their size, which should be above average. Also, the company should be among the market leaders in their field and their payment history should be clear based on public information.

Inwise does not conduct financial analysis for the purchaser (debtor) or give them ratings. The investor can learn the financial data of the purchaser from public registers (Commercial Register) or ask for the purchaser's credit rating from companies that provide such ratings (in Estonia e.g. Krediidiinfo,; in Europe e.g. Experian, For risk management, investors can use e.g. the credit insurance service provided by Kredex Krediidikindlustus AS.

How does an auction work?

In order to participate in an auction the investor transfers a respective sum of money to their virtual account, after which they can participate in invoice sales auctions within the limits of the financial resources in their account. The investor who makes the highest bid wins. Investors can order Inwise to transfer part of or the full amount of the resources in their Inwise account to their bank account at any time.

How long does an auction last?

Usually an auction lasts 24 hours, starting at 15:00 Estonian time and ending at 15:00 next day. However, if an investor uses the "Purchase now" option, the auction ends earlier.

What does "Purchase now" mean in an auction?

The seller can set a price for the invoice at which they agree to sell it immediately i.e. without an auction. If any investor agrees with the price and chooses "Purchase now", the auction ends immediately.

Is it possible to participate in several auctions at once?

Yes. However, you can only win auctions within the limit of the financial resources in your Inwise account. For that purpose the system reserves the sum of the leading offer from your account, which is only released if you no longer lead the auction.

How does Inwise reduce the risks related to buying invoices?

When putting an invoice up for sale, Inwise checks with the debtor before the auction whether the goods have been delivered and accepted by the buyer and whether the invoice is to be paid by Inwise undisputedly (without the right of return).

Who assumes the financial risk?

Investors assess and assume debtors' financial risk. Inwise allows the sales of invoices against debtors that are larger than average, among the market leaders in their field or whose payment history is known to be clear, although investors make the decision to invest independently. Inwise does not assess the financial data of the debtors or make recommendations in regard to preferring a certain debtor.

At what price are invoices usually sold?

Generally the sales price of an invoice is 97-99% depending on the payment deadline and auction result. The invoice seller sets the starting price for an auction.

What is the Inwise service fee when purchasing an invoice?

Our commission is 20% of the profit earned by the investor. For example, an investor buys a €50,000 invoice at a 98% discount. When the invoice is received the investor earns €1,000 i.e. 2% of the invoice sum (50,000 – 0.98*50,000=1,000). Thus, our commission is €200 i.e. 20% of the earned profit (1,000*0.2=200). VAT is added to the commission.

What is Kredex credit insurance?

In cooperation with Kredex Krediidikindlustus AS, Inwise offers investors the chance to purchase credit insurance along with the invoice in case the debtor is declared insolvent. When buying an invoice the investor sees at the auction whether Kredex Krediidikindlustus AS offers credit insurance on the specific debtor and how much it costs. When buying the insurance the investor does not need to deal with insurance matters – Inwise handles that side of things.

How are invoices that are not paid by the deadline dealt with?

If an invoice has not been paid by the deadline, Inwise contacts the debtor and clarifies matters related to the payment of the invoice. Investors should bear in mind that a few days’ delay in payment is common (especially in trade relations) and does not necessarily indicate a problem. Delays can also be caused by the speed of bank transfers, especially when dealing with foreign payments. If the delay is longer and problems with the debtor's solvency arise, Inwise deals with credit insurance matters and communicates with the debtor regarding the claim for paying the invoice. The information received is forwarded to the investor and together Inwise and the investor decide on subsequent steps. If legal assistance is needed, Inwise finds a suitable legal partner for the investor and also helps in any way regarding information about the purchased invoice which is required for making a claim in respective proceedings.

Who is the owner of the invoice (claim)?

The investor is the owner of the invoice. If the purchased invoice is insured and an insured event occurs, Inwise acquires the ownership right to the invoice as stated in the user agreement and acts according to the conditions thereof while Kredex Krediidikindlustus AS processes the insured event. The insurer transfers the compensation to their Inwise account and Inwise transfers the sum to the investor without charging any service fee.

How is my money protected?

Investor's money in an Inwise account belongs to the investor and is held in a segregated account separate from the money of Inwise and other clients.

Are Inwise activities regulated?

Our activities as a mediator of invoice sales do not belong to a regulated field. However, Inwise has taken steps to register its activities with the Financial Conduct Authority in the United Kingdom (

Invoice seller FAQ

Who are the companies that can sell their invoices?

Inwise does not limit the companies that can sell their invoices in the web environment – all companies are welcome regardless of whether they are start-ups established yesterday or large organisations that have been operating for years. Also, we do not ask the companies for securities or sureties and we do not impose binding agreements. The aim of Inwise is to be a flexible and convenient solution for those who wish to use our services daily and for those who need it only once or twice a year.

Who are the main users of Inwise?

The main users are small and medium-sized enterprises that appreciate the flexibility, convenience and independent nature of our solutions – all that for the same price as banks offer.

* Inwise reserves the right to refuse to register an invoice seller on the conditions set out in the user agreement.

Who are the debtors against whom invoices can be sold?

The purchasers against whom invoices can be sold must be companies with a proper financial background. If you are not sure about their suitability, forward the information in advance to admin (at)

How does the process of selling invoices work?

To sell an invoice the seller must log in to their Inwise account, click on "New Invoice" and enter the information necessary for selling the invoice. After that Inwise checks the accuracy of the invoice and if everything is fine the invoice is forwarded for sale. The sale takes place in the form of an auction and the investor who makes the highest bid wins. All invoices on sale are non-returnable i.e. regardless of the sum offered the seller is obliged to sell the invoice. To avoid selling invoices at too low a price we advise setting a minimum sales price at which the seller agrees to sell the invoice.

How long does an auction last?

Usually an auction lasts 24 hours, starting at 15:00 CET and ending at 15:00 the next day. However, if any investors use the "Purchase now" option the auction ends earlier.

What is "Payment date"?

The invoice payment date is the date which is the latest time for a payment to be made to you in the case of a successful auction. The payment date must always be +1 day from the suitable auction end date.

In reality the payments are made as soon as possible and usually they reach the seller on the same day the auction ends. Nevertheless, the date may change due to weekends or holidays. In the latter case Inwise makes the payment on the first working day after the holiday.

For example, if the seller wishes to sell their invoice immediately i.e. during the on-going auction, the payment date must be the following day.

What is "Min price"?

The seller can set a minimum price at which they agree to sell the invoice. If no investor agrees to pay the minimum price or make a higher offer, the auction is deemed unsuccessful and the invoice is not sold. The invoice on sale is non-returnable, which is why we recommend setting a minimum price at which the invoice should be sold.

What does "Purchase now" mean?

The seller can set a price for the invoice at which they agree to sell it immediately in an auction. If an investor agrees with this price and selects the "Purchase now" price, the auction ends immediately.

What is the settlement percent (%)?

The settlement percent indicates the amount of the invoice sum that the purchaser can settle regarding the seller. The settlement percent is individual for all sellers and purchasers. Before putting an invoice on sale, be sure to check what kind of settlement right the seller has for the selected purchaser, if any.

For example, if a company sells an invoice worth €50,000 and the settlement percent assigned to them is 5%, then upon selling the invoice at a 1% discount the seller receives the money as follows: 50,000 immediately – (50,000*0.05) – (50,000*0.01)= €47,000.

The remaining €2500 (reserved for the settlement) comes from the purchaser after the settlement is made for the sum received.

* Also bear in mind that upon selling an invoice a 0,5% commission fee applies to the seller; in this example it would be €250.

How is the settlement percent set?

The settlement percent is set according to the agreement between the purchaser and seller.

How can the settlement rate be changed?

To change your settlement rate please contact your purchaser and the Inwise administrator.

Can invoices on sale be changed?

Yes, the following properties of invoices that have been checked and are on sale can be changed at any time (excluding when an auction is underway): minimum price; "Purchase now" price; payment date on which the start of the auction depends.

What happens if an auction is unsuccessful?

If an auction is unsuccessful, the right of claim of the invoice remains with the seller, to whom no fees are applied.

In terms of further action the seller then has two options: to put the invoice on sale again, changing any properties if necessary; or to wait for the payment to arrive from the debtor to one's Inwise account. We would like to point out that if the debtor has confirmed the accuracy of the invoice, the debtor must pay the invoice via the Portal i.e. the debtor has no right to pay the invoice directly to the seller outside of the Portal.

What should I do if I’m unsure whether and when the invoice is to be sold?

Entering an invoice into the system does not oblige the company to sell the invoice, and the Inwise platform does not impose any fees on the seller for entering an invoice. If the company is not sure whether or when they wish to sell the invoice, they should leave the "Payment date" field empty when entering the invoice. After that the entered invoice goes through the regular validation process and remains on hold until the seller enters a suitable "Payment date" or the debtor's payment date arrives.

Who can use the invoice pre-validation service?

Since pre-validation significantly speeds up the latter process of putting an invoice on sale, it is recommended to all invoice sellers who currently have no need to sell invoices but who see a theoretical possibility that they will in the future.

How does Inwise check invoice accuracy?

When putting an invoice on sale, Inwise asks the debtor for confirmation before the auction of whether the goods or services have been delivered and accepted by the purchaser and whether the invoice is to be paid by Inwise undisputedly (with no right of return).

Who assumes the financial risk?

The investor evaluates and bares the payment risk of the debtors. No sureties or other guarantees are sought from the invoice seller or the debtor.

What is the average price of invoices?

The sales price of invoices is usually 97-99% depending on the invoice period and auction results. The seller sets the starting price of the auction.

What is the Inwise service fee when selling an invoice?

The service fee is max. 0.5% of the invoice amount. Inwise can apply a minimum fee of up to €50 for an invoice or its equivalent in other currencies. The seller can see if the minimum fee applies to their Inwise account or will be notified via a separate e-mail. For example, if a company sells an invoice worth €20,000, the Inwise service fee is €100; but if the invoice sum is €5000 then the service fee is €50 if the minimum fee is applied. VAT is added to the service fee.

Can investors see the content of and parties to invoices?

Investors cannot see invoice content or seller information – they only know the debtor and general aspects of the invoice, such as the sum and payment deadline.

How do I register, and what documents do I need in order to do so?

A company can be registered on the Inwise website or by e-mailing info (at) The following information and documents are required:

* Statement from the Estonian Commercial Register or a similar foreign register detailing the company’s information and representatives

* Contact details

* VAT identification number

* Bank account details

* Data and copy of identification document of representative

How is my money protected?

The money that is transferred to the invoice seller's Inwise account belongs to the seller and is held in a segregated account separate from the money of Inwise and other users.