French fintech startup Libeo has secured €4 million in a fundraising round led by LocalGlobe, existing investor Breega, and some angels. Breega led the startup’s €2 million seed round just five months ago, in November 2019.
The SaaS platform enables business owners, CFOs and chartered accountants to automate their accounts payable processes. Features include digitised invoices, one-click IBAN-less payments, and cash flow monitoring.
“Paying and communicating with a supplier should be as simple and intuitive as sending a message on a social network, that’s how we built Libeo,” say founders Pierre Dutaret, Jeremy Attuil and Pierre-Antoine Glandier.
In a press release the company implies the coronavirus pandemic and economic uncertainty make effective cash management especially important for businesses, and therefore increases the demand for its services.
The investments will finance the French company’s ambitious growth plan. Since launching at the end of 2018, over €2 million in payments have been made on the platform, a figure that the startup plans to increase to €30 million by the end of next year.
Photo: Libeo founders Pierre Dutaret, Jeremy Attuil, and Pierre-Antoine Glandier