Today Libeo, a Paris-based fintech startup that simplifies the processing of supplier invoices for SMEs, has announced closing a round of €4 million, led by the British venture capital fund LocalGlobe, its historical investor Breega, and its current business angels. This second round will enable Libeo to accelerate its growth in a crisis context that increases the need for effective cash management.
Libeo was born in 2019 out of a simple observation: companies continue to print out supplier invoices and pay them manually by bank transfer or cheque. It’s a repetitive and time-consuming administrative task that Libeo’s founders found particularly burdensome in their previous roles, as business owners in the hospitality industry. The lack of modern digital tools also prevents a real-time view of finances and cash flow, something that is particularly important for SMEs, especially during an economic slowdown, as is the case today.
Libeo’s solution is aimed at business-owners, CFOs and chartered accountants, and enables them to automate their accounts payable processes, proving them with: instant digitisation of accounts payable; centralisation in a single platform with smart approval workflows; one-click payments without any manual input (no need to enter an IBAN number); and real-time cash flow monitoring.
Just four months after its launch, over 5,000 companies from various sectors (Consulting, Hospitality, Retail etc.) have taken to using the Libeo network to manage their invoices. Clients include Le Faucheur Law Firm, Hotel Annapurna, Clinique des Champs Elysées, Victor & Charly, Monoprix (franchise) and Paname Collections.
“Paying and communicating with a supplier should be as simple and intuitive as sending a message on a social network, that’s how we built Libeo“, explain Libeo founders Pierre Dutaret, Jeremy Attuil and Pierre-Antoine Glandier.
Thanks to this latest raise, Libeo will be able to make its game-changing customer/supplier network available to all companies, for free. They will shortly be launching a Standard offer giving free access to the platform’s main functionalities. Their Premium offer, starting at €25/month, will allow for a finer and more automated control of invoices.
“The consumerization of B2B software is an exceptional opportunity. The Covid-19 crisis demonstrates that it is more important than ever to support SMEs in managing their cash flow. As Visa or Mastercard were able to do in their time, Libeo is creating a new B2B payment and financing network to make our local economy stronger“, commented George Henry, General Partner at LocalGlobe.
“Since its launch, Libeo has demonstrated the relevance of its offer and above all its product differentiation in what is a very dynamic market with a real need for this type of solution. We are delighted to continue to support Libeo’s growth which is driven by a visionary and ambitious team”, commented Isabelle Gallo, Partner at Breega.
The fintech has strong growth ambitions, too. To date over €2 million in payments have been made on Libeo’s platform, mostly via its “IBANLess” technology – a figure that Libeo plans to increase to €30 million by the end of next year.