Paris, 1st July 2021 – Having raised €26m in the past two years, the French fintech company Libeo announces the acquisition of the startup TrackPay, specialists in the tracking of cash inflow for SOHOs-SMEs. With lockdown having magnified all the problems of company payment management, Libeo is adding a competitive advantage to its technological roadmap through this first external expansion operation.
Their customers can now enjoy a complete invoice payment and cash inflow solution.
TrackPay: a guarantee of improved tracking of cash inflow from customer invoices
After initially specialising in the management and payment of supplier invoices, Libeo are adding a new string to their bow with the acquisition of TrackPay, thereby offering their network of 70,000 companies a solution for tracking the payment of their customer invoices.
The startup TrackPay, founded in 2020 as part of the Pareto startup studio, has developed a Software-as-a-Service (SaaS) tool to automate the sending, issuing of reminders and tracking of invoices for SOHOs-SMEs, thus reducing the payment time for their customers. With 30% of invoices between companies paid on average ten days late in Europe, use of TrackPay has taken off in recent months. The solution can be used by API (Application Programming Interfaces) with most invoicing software on the market (Sellsy, QuickBooks). It is worth noting that before the health crisis, payment delays and non-payments were responsible for 25% of company bankruptcies in France.
Matthieu Stefani, co-founder of TrackPay and the “Generation Do It Yourself” podcast, states: “We created TrackPay in response to one of the biggest problems for French companies: payment times for their customers. By joining forces with Pierre Jeannel and the Pareto startup studio, we quickly developed efficient technologies, allowing our users to save almost 8 days of work a month, usually dedicated to the annoying and time-consuming task of sending reminders for their invoices.”
Pierre Jeannel, CEO and co-founder of TrackPay and Pierre Dutaret, CEO and co-founder of Libeo, explain: “Combined with our IBAN-free payment technology, TrackPay offers Libeo’s customers a powerful request-to-pay service: just as individuals can send payment requests from Lydia or Revolut, so companies can be paid immediately and effortlessly using Libeo”.
A beneficial combination for company directors and financial departments
For Libeo, the acquisition of TrackPay forms part of their hyper-growth strategy, based on the viral nature of their solution. With this new component, the company can now reach not only supplier accounts, but also SOHO-SME customer accounts.
As Pierre Dutaret explains: “A company currently paid on TrackPay is a company which, in the future, will use Libeo for its outgoing payments”.
In the coming months TrackPay will continue independently, before being fully integrated into the Libeo solution. One of its founders, Pierre Jeannel, is to join the Libeo teams in Paris. Does that change anything for TrackPay customers? They will still have the same contacts and will enjoy the same quality of services. They will, however, very soon be able to access more features, and will like how easy the Libeo platform is to use.
TrackPay is the SaaS solution helping French SOHOs and SMEs to manage their biggest issue: cash inflow. By automating the management of their customer invoices, it allows users to reduce the payment time for their customers by 8 days on average, saving them time in tracking their invoices.
Launched in January 2020, TrackPay was co-founded by Pierre JEANNEL (CEO) and the Pareto startup studio (supported by the CosaVostra agency and managed by Matthieu STEFANI, presenter of the Generation Do It Yourself podcast). The TrackPay solution is used daily by a network of 1,500 companies.
For more information: www.trackpay.io
Created in January 2019, Libeo allows SOHO-SME directors, financial directors and accountants to centralise, validate and pay their supplier invoices with a single click without an IBAN, and without the need to log in to their bank.
More than 70,000 companies have joined Libeo to make and receive payments, including the Eurosanté clinics, Champagne Alain Edouard, Chateau Laguiole, Paname Collections, and various franchises (such as Burger King, Monoprix or Starbucks).
Founded by Pierre DUTARET (CEO), Jérémy ATTUIL (COO) and Pierre-Antoine GLANDIER (CPO), Libeo has raised €26 million from partners DST Global, Serena, LocalGlobe, Breega Capital and the founders of Wise, iZettle, Klarna or Criteo.
Libeo is a beneficiary of the EU’s Horizon 2020 R&D programme (agreement no. 876518).
For more information: www.libeo.io