Saturday, June 15, 2024

Fintech Libeo announces a €20 million Series A raise

Libeo, the Fintech that simplifies the management and payment of supplier invoices for SMEs, announces a €20 million Series A raise with the partners of DST Global, Serena, Breega and LocalGlobe. Libeo will use this new funding to further fuel the expansion of its B2B payments platform in Europe.

Simplifying and digitalising B2B payments for SMEs: a crucial challenge

Libeo digitalises and secures the entire B2B payment process. The easy-to-use platform enables automated invoice collection, team approval and one-click payments without any manual input or need for IBAN numbers.

At a time when individuals can pay each other in one click from their smartphones, most companies continue to print invoices, store them in folders and pay them manually, either by transfer or cheque. This means that small business owners are unable to track their outgoings and so spend nearly 10 hours a week and at least one weekend per month managing their invoices.

3 in 4 business owners are still processing their invoices in this way, putting their business’s financial health at risk by exposing themselves to data entry errors, fraud and late payments.

Libeo is solving these issues at the source. Users report that thanks to Libeo’s platform, processing their invoices is now up to six times faster. By automating the process, Libeo also reduces manual processing errors and secures payments to prevent fraud. Given that the EU will make electronic invoice issuing and processing mandatory by 2023, Libeo’s solution is well- timed.

Transforming B2B payments across Europe

Thanks to its efficient, secure platform, Libeo is transforming invoice processing for SMEs. Over the past year, the number of B2B payments processed by the company has been multiplied by 30 and reached €100 million on a yearly basis.

With this new round of financing, Libeo will continue to develop its ultra-flexible and user-friendly B2B payment service and fuel its expansion across Europe. In addition to its platform, Libeo will be able to serve more users thanks to its new API service, which allows corporate partners such as QuickBooks to embed its payment services directly into their interface. The fast-growing fintech also plans to triple its workforce to more than 100 employees by year end.

“My co-founders Jeremy Attuil and Pierre-Antoine Glandier and I started Libeo to free business owners from time-consuming and cumbersome admin tasks. They can get started with Libeo in a matter of seconds, and save a huge amount of time by paying their suppliers in one click, whatever the bank or payment terms they wish to use. We are dedicated to supporting business owners and we feel our mission has never been more important than in the current context.”- Pierre Dutaret, CEO and co-founder of Libeo.

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