Paynova is operating in a market with high structural growth since purchasing of goods and services on the Internet is growing steadily. To be successful on-line, the processing of payments is an important factor for e-retailers. Paynova has therefore developed a Consumer Credit service, Invoice as a Service, which enables e-retailers to grow sales and increase profit margins substantially. Paynova is currently implementing the consumer credit service for their largest client SJ. Paynova is also conducting a number of pilot tests for potential new clients which could lead to additional revenue growth in 2016. Our base case valuation is built on a conservative scenario where consumer credit increases only within Paynovas existing client base. Revenues from consumer credit is considerably higher than from processing direct payments. The increase in consumer credit is expected to generate high expected growth in the coming years and motivates an estimated value of 1,20 SEK per share.