B2B payments fintech Libeo raises €20m round led by Checkout.com investor

Paris-based Libeo was founded just two years ago and closed its seed round of funding less than 12 months ago.

Libeo, a B2B payments fintech, has raised €20m in a funding round led by partners at DST,  an investor in Checkout.com, Revolut and Funding Circle among others.

Other investors in the round, which comes less than a year after Libeo's €4m seed round closed, are LocalGlobe, Serena and Breega.

The start-up, which was founded in January 2019, helps SMEs centralise supplier invoices without the use of an IBAN and without having to connect to a bank.

IBAN numbers have become something of a casualty of EU/UK tensions. Starling Bank and Transferwise have separately warned off 'discrimation' in both directions of customers not being able to pay across the geographies. So much so, in fact,  that Transferwise has launched a campaign to highlight the scale of the issue with EU authorities.

More than 35,000 companies are using Libeo, it says, to pay and get paid.

Libeo will be using the funding to triple its workforce in 2021 and expand its operations through its API service, which allows corporate partners such as QuickBooks to embed its payment services directly into their interface. 

Pierre Dutaret, CEO and co-founder of Libeo said: "My co-founders Jeremy Attuil and Pierre-Antoine Glandier and I started Libeo to free business owners from time-consuming and cumbersome admin tasks. They can get started with Libeo in a matter of seconds, and save a huge amount of time by paying their suppliers in one click, whatever the bank or payment terms they wish to use. We are dedicated to supporting business owners and we feel our mission has never been more important than in the current context.”