Libeo raises €20 million to become the leader in B2B payments in Europe
Paris, 11 February 2021: Libeo, the Fintech which simplifies the management and payment of supplier invoices for VSEs-SMEs, announces a new €20 million Series A financing round, with partners of DST Global, Serena, Breega and LocalGlobe.
With this new round, Libeo intends to accelerate its deployment in Europe.
SIMPLIFYING AND DIGITISING PAYMENTS FOR VSES-SMES: A MAJOR CHALLENGE
At a time when individuals are sending money in one click from their smartphone, most companies continue to print out their supplier invoices, store them in filing cabinets and pay them by hand, by bank transfer or by cheque. A laborious, time-consuming and value-added process, which causes management and CFOs of VSE-SMEs to lose nearly 10 hours a week. One third of them still dedicate at least one weekend a month to processing their invoices.
In addition to the time loss generated, this archaic practice undermines the financial health of companies. 3 out of 4 business leaders still process their invoices manually, and are therefore exposed to input errors, identity theft and late payment.
Libeo digitises, automates and secures the entire payment process between companies. Its platform enables the instant dematerialisation and centralisation of invoices, the use of validation circuits and payments with one click. Users report that processing their invoices is 6 times faster with Libeo.
REVOLUTIONISING PAYMENTS BETWEEN COMPANIES IN EUROPE
In 2020, the volume of payments made using Libeo increased by a factor of 30, reaching €100 million per year. Such rapid growth illustrates the enthusiasm of VSEs-SMEs for digital solutions.
With this new financing round, Libeo will continue to develop the simplest and most flexible B2B payment service on the market and expand its presence in Europe. Libeo also intends to step up the adoption of its solutions, whether used directly via its platform or through its new API service, which allows partners such as QuickBooks to embed its payment service directly into their application. In addition, the Fintech plans to triple its workforce and will have more than 100 employees by the end of the year.
“With my co-founders Jeremy Attuil and Pierre-Antoine Glandier, we launched Libeo to free business leaders from administrative tasks. They can create their account on Libeo in seconds and start paying their suppliers with one click and without an IBAN number, regardless of their banks or the desired payment methods. Our mission, supporting VSEs-SMEs on a daily basis, has never been as important as in the current environment.”
Pierre Dutaret, CEO and co-founder of Libeo.