Libéo also manages collection

A specialist in the management and payment of supplier invoices, French FinTech Libéo has expanded over the years, both geographically and in terms of the deployment of new services. It has recently added a collection solution to its offering, which now enables it to manage BtoB payments from start to finish.

FACTS

• Until now, Libéo allowed its corporate clients to manage their supplier invoices in one place, to pay them in one click and to initiate inter-company payments without having to enter their bank details. The platform is now being enhanced with new features.

• These features are mainly related to customer relationship management for companies using Libéo services. They can now :

  • manage their customer invoices in one place,

  • automate their payment reminders,

  • access a collection service,

  • automate bank reconciliation.

• The launch of this new service was expected as Libéo had acquired the invoicing and collection tracking software specialist TrackPay last July.

CHALLENGES

• Reduce collection delays: According to Libéo, the new customer invoice dunning service reduces the average collection time for customer invoices by 32%.

• Anticipate regulations: Since 1 January 2020, all companies dealing with the public sector, regardless of their size, must send their invoices in electronic format. In addition, all companies established in France will be obliged to receive electronic invoices from 1 July 2024. And Libéo specifies that these new functionalities will enable companies to adapt to the new regulations of the public authorities.

• Offering a complete experience: Libéo now boasts that it is one of the few European FinTechs to be able to offer a complete payment experience, from the settlement of supplier factors to the collection of customer payments.

MARKET PERSPECTIVE

• Founded in 2019, Libéo now has over 150,000 VSEs and accountancy firms as clients across France and the UK.