From 2024, all companies in France will be obliged to receive their invoices electronically through a specialised public or private portal certified by the tax authorities. Only certified platforms will be able to send invoices directly to the tax authorities. Consequently, the need for companies to automate manual tasks to focus on their core business will rise.
Betting big on the new demand, Paris-based fintech Regate has brought in €20 million in a Series A financing round to automate the financial and accounting management of companies. This funding was backed by Valar Ventures fund, alongside its two historical investors 360 Capital and La Financière St-James. The startup had earlier raised €7 million in a seed funding round in May 2021.
With this new cash, the French fintech intends to accelerate its product investments and expand into Germany and Spain.
Founded in 2020 by Laura Pallier and Alexis Renard, the startup aims to minimise the multiplication of tools and automate all the financial and accounting management of a company on a single platform, shared with the accounting firm. For doing so, the company works with accounting solutions providers to deliver a collaborative user experience.
Laura Pallier, co-founder of Regate said: “Aware of the technological excellence and know-how in accounting production of software publishers such as Sage, Cegid and MyUnisoft, we wanted to interface with them and benefit from their experience rather than try to replace them. These partnerships are an integral part of our development strategy. We have also signed a major agreement with Sage, which distributes us directly to its accountant clients.”
James Fitzgerald, founding partner of Valar Ventures added: “We were excited by the huge market potential in Europe, which is currently undergoing a revolution.”