Meet Libeo, a French startup that just raised a $4.4 million (EUR4 million) financing round led by LocalGlobe with Breega and numerous service angels likewise participating. The business has actually developed a service that assists you pay your providers far more quickly. You no longer have to by hand keep track of billings, log into your banking user interface, go into banking information and move cash.
Libeo targets small and medium companies that don’t necessarily have a dedicated accounting team. It wishes to just payment procedures as much as possible.
It begins by gathering billings from your suppliers. You can import billings to your Libeo account directly on Libeo, by forwarding emails to a special address, by connecting Libeo to popular services, such as Amazon, or by linking Libeo with your existing accounting platform, such as QuickBooks or Receipt Bank.
As soon as your billings are all on Libeo, the startup instantly submits payment details based on info on the billing. It can also keep and identify duplicates track of BARREL payments.
After that, Libeo wants to streamline payments. You share your business’s IBAN with Libeo so that it can take money from your account using direct debits when you sign up. You can decide to pay it now or schedule payment for later Whenever there’s an impressive invoice in your Libeo account. Libeo transfers cash to your recipient and collects cash from your savings account at the very same time.
What if it’s a brand-new provider and you do not have their banking info? Instead of going back and forth with your provider to get their IBAN, your provider gets an email from Libeo with a link. The provider drags and drops their bank details on Libeo’s web page. Libeo then checks that whatever matches with the invoice and automatically adds the IBAN info to the payment.
Gradually, if you use Libeo, you get an address book of all your suppliers. You can see just how much you’re investing with a specific provider, track your cash flow and more.
Like modern-day software-as-a-service tools, Libeo lets you work together on your invoices. Several individuals can have a Libeo account with different rights. You can set up an approval workflow too.
There’s a complimentary strategy but it’s limited to five payments each month. You can then pay to access advanced functions and get bigger limitations. 5,000 business are presently utilizing Libeo 4 months after the initial release. The business has helped with EUR2 million in payments.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.