We got an exclusive look at the pitch deck that French fintech Libeo used to raise $24 million from DST Global partners
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- French fintech startup Libeo has raised €20 million ($24 million) in fresh VC funding.
- Libeo helps small and medium businesses pay their invoices digitally.
- Business has boomed during the pandemic — scroll on for Libeo’s deck.
French fintech startup Libeo has raised its third funding round in 15 months, as it looks to help small- to medium-sized businesses pay their invoices digitally.
The company. founded in late 2019, just brought in €20 million ($24 million) in fresh venture capital funding in a round led by partners at DST Global, also a backer of Twitter and Revolut. The number of business-to-business payments processed by Libeo increased thirty-fold and reached €100 million in 2020, according to the startup’s cofounder and CEO Pierre Dutaret.
With the pandemic, growing the business hasn’t always been easy.
“We had good growth during first couple of months of 2020 but that fell apart during the first lockdown in France,” Dutaret told Insider. “The world was falling apart, SME business owners didn’t know what was going to happen and shut down everything, they stopped paying suppliers and stopped automated debits.”
“By May and June we saw a huge increase in demand because what was on the agenda in terms of digitizing processes for years was no longer a matter of when, it was right now.”
Libeo estimates that across Europe some 35 billion invoices are created each year but approximately 77% of small businesses omit to use digital payments options to manage them. The startup is now working with 35,000 companies which can sign up through Libeo’s API.
The market is on the up, with the EU making electronic invoice issuing and processing mandatory by 2023.
Libeo, which previously raised €6 million ($7.2 million) in funding rounds from Breega and LocalGlobe, says it had high investor demand for this deal.
“The lack of competitors in Europe and the size of the market plus the size of the problem has created a strong appetite for Libeo,” Dutaret said. “We had five to 10 VC investors calling or emailing every day in Q3 and Q4, initially we didn’t need to raise but we wanted to add as much smart money as possible.”
Libeo will use the funding to scale its API across Europe including the UK in the coming months. The startup is also looking to boost its current 20-person team to 100 or more in the next 12 to 18 months.
Check out Libeo’s pitch deck below: