The Paris-based start-up Libeo, specialising in suppliers’ invoice management and payment, raised €2 million.
This funding series was led by VC Breega and also involved Bpifrance as well as several Business Angels.
Goal: simplify B2B payments
Targets: French SMEs
Libeo was launched in 2019 and crafted a SaaS platform based on two modules:
Dematerialising and centralising invoices through a single interface to provide companies with more visibility on their pending invoices,
Direct invoice payment through the same interface, via sending a simple e-mail to the corresponding suppliers, without having to key in their IBAN.
Their list of customers includes:
This first investment should enable them to:
Boost their teams: they intend to increase their workforce twofold by end-2020,
Expand their set of predictive features: Libeo provides financial forecasts assessed via their AI-powered solution,
Speed up their growth pace: R&D, organisation, optimisation and agility.
High potential market. According to McKinsey, the overall volume of B2B payments would amount to €25 trillion while equipment rates remain low. Of 1.9 billion invoices issued in 2018 in France, only 4.9% applied dematerialised processes.
Libeo wants to enable SMEs to pay their suppliers as easily as individual customers do when relying on P2P payment systems.
Regulatory issue. This start-up would intend to be granted payment Agent approval. They will be targeting small structures working in high-volume industries including commerce and retail.
In just two months, they attracted nearly 50 corporate customers. They processed more than 12,000 invoices or roughly €1 million through their platform.
Unlike groups focusing on invoice management for customers (e.g.: Sellsy), Libeo aims at managing suppliers’ invoices, i.e.: managing purchase cycles.