France startup Libeo raises €4 million to digitize invoicing for SMEs

France startup Libeo raises €4 million to digitize invoicing for SMEs

Published: 01-05-2020 15:02:19 | By: Bob Koigi | hits: 4403 | Tags:

Libeo, France Fintech startup that simplifies the management and payment of supplier invoices for VSEs-SMEs, has announced a new round of funding of  €4 million led by the British fund LocalGlobe, alongside investor Breega and its Businesses Current angels.

This funding will allow Libeo to accelerate its growth, in a context of crisis which makes cash management all the more important for companies.

Libeo was born out of a simple observation. Companies continue to print their supplier invoices, put them in filing cabinets and pay them by hand by bank transfer or check. A repetitive and time-consuming process, experienced by the founders of Libeo when they were leaders in the hotel and restaurant industry. This administrative heaviness prevents a real-time vision of its finances, a decisive issue for VSEs and SMEs, all the more in the current context of economic slowdown.

The Libeo solution is aimed at managers, DAFs and accountants and allows them to automate the management of their supplier invoices in four stages.

Instant dematerialization of supplier invoices, centralization in a single platform and team validation, regulations in one click without entering IBAN, using a simple email and real-time monitoring of cash.

Pierre Dutaret, Jeremy Attuil, Pierre-Antoine Glandier, founders, Libeo: "Paying and exchanging with a supplier should be as simple and intuitive as sending a message on a social network, that's how we built Libeo."

This financial contribution will allow Libeo to open its network to all companies, which facilitates exchanges between customers and suppliers. To this end, Libeo is launching a Standard offer giving free access to the main functionalities of the platform. Premium offers, from 25 euros per month, allow finer and more automated control of invoices.

George Henry, Partner, LocalGlobe: "The consumerization of B2B software is an exceptional opportunity. The Covid crisis demonstrates this, it is more important than ever to support VSEs and SMEs in managing their cash. As Visa or Mastercard were able to do in their time, Libeo is creating a new B2B payment and financing network, in order to make our local economy stronger. "

Only four months after its entry into service, more than 5,000 companies use the Libeo network to manage their invoices, in various sectors of activity such as Consulting, Hotel and Catering or Distribution, and among which: The Reaper Lawyers, Hotel Annapurna, the Champs Elysées Clinic, Victor & Charly, Monoprix (franchise) and Paname Collections.

Isabelle Gallo, Partner, Breega: “Since its launch, Libeo has demonstrated the relevance of its offer and above all its product differentiation in a very dynamic market, which really needs this type of solution. We are delighted to continue supporting their growth, driven by a visionary and ambitious team.”

Libeo accounts for nearly 2 million euros in payments made on its platform, mainly via its “IBANLess” technology, a figure it expects to increase to 30 million euros in 2021.

www.libeo.io