Belgian fintech company Virteo has raised €2.2 million in a Series A funding round. Investors include the Flemish fund PMV, which contributed half the amount, together with Sherpa Invest and Ark Angels Fund Activator, which contributed a quarter each.
Virteo aims to use the funding to accelerate the commercialization of its products in Belgium and to expand internationally. The company has also hired four new employees for a total of 17 workers.
Virteo provides an online solution for the recovery of unpaid invoices. "In Belgium, half of all invoices are late and up to three percent are never paid. For companies with thousands of invoices, the follow-up and recovery are often labor intensive, with several intermediaries. Virteo makes it simpler and more transparent. We automate the assignment of attorneys and bailiffs and centralize all communication," CEO Charles Vander Heyden in a statement quoted by Belgian publication Datanews.
Read more: Datanews (Dutch)