• French fintech startup Libeo has raised €20 million ($24 million) in unusual VC funding. 
  • Libeo helps limited and medium companies pay their invoices digitally.
  • Commercial has boomed at some stage within the pandemic — scroll on for Libeo’s deck.
  • Talk over with the Commercial half of Insider for extra reports.

French fintech startup Libeo has raised its third funding round in 15 months, because it looks to be to help limited- to medium-sized companies pay their invoices digitally. 

The firm. founded in late 2019, factual introduced in €20 million ($24 million) in unusual mission capital funding in a round led by DST World, also a backer of Twitter and Revolut. The assortment of industry-to-industry funds processed by Libeo elevated thirty-fold and reached €100 million in 2020, based on the startup’s cofounder and CEO Pierre Dutaret.

With the pandemic, growing the industry hasn’t progressively been easy.

“We had factual growth at some stage in first couple of months of 2020 but that fell apart at some stage within the first lockdown in France,” Dutaret told Insider. “The arena used to be falling apart, SME industry owners didn’t know what used to be going to happen and shut down the total lot, they stopped paying suppliers and stopped automatic debits.” 

“By Might perchance fair and June we saw a huge prolong in inquire due to the what used to be on the agenda in terms of digitizing processes for years used to be not a matter of when, it used to be factual now.”

Libeo estimates that across Europe some 35 billion invoices are created every year but roughly 77% of limited companies stride away out to express digital funds options to govern them. The startup is now working with 35,000 companies that would possibly fair register through Libeo’s API. 

The market is on the up, with the EU making electronic invoice issuing and processing important by 2023.

Libeo, which previously raised €6 million ($7.2 million) in funding rounds from Breega and LocalGlobe, says it had excessive investor inquire for this deal.

“The dearth of competitors in Europe and the dimensions of the market plus the dimensions of the difficulty has created a solid bustle for meals for Libeo,” Dutaret acknowledged. “We had 5 to 10 VC investors calling or emailing on every single day foundation in Q3 and Q4, within the origin we didn’t prefer to lift but we desired to add as powerful tidy money as that it is seemingly you’ll bear in mind.”

Libeo will express the funding to scale its API across Europe including the UK within the coming months. The startup can be having a gaze to boost its fresh 20-person crew to 100 or extra within the subsequent 12 to 18 months. 

Overview out Libeo’s pitch deck below:

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