The United Kingdom is Europe’s most developed fintech market for consumers, according to the EY Global Fintech Adoption Index, in both size and usage. Fintech penetration among SMEs in the United Kingdom, on the other hand, is significantly lower, with just 49% of UK firms that still use physical cheques to pay suppliers.
French fintech software Libeo has joined the UK market to drive its development goals in Europe, making significant investments in the segment and seeking to bridge the gap between consumer and enterprise payment solutions. The news follows the startup’s successful €20 million fundraising round last year.
Libeo aims to make payments and invoices simpler
The platform, headquartered in Paris, makes invoices and payments easier for SMEs. It connects a community of businesses to enable SMEs’ managers, financial directors, and accountants to centralize their invoices, send, and receive funds with just one click.
The users also don’t need to change their bank accounts to complete any processes. The solution seamlessly integrates with accounting software and banks on the market, with choices such as accounts payable (A.P.) and accounts receivable (A.R.) capabilities.
The payments firm seems to be happy about being in the UK market
Glen Foster, the managing director for Northern Europe and the U.K., said he’s always been passionate about SMEs, accountants, and bookkeepers. Libeo, he continued, empowers him to continue to help the involved parties with powerful technology.
Pierre Dutaret, co-founder and CEO of Libeo, said that the company’s success in France indicates the sector’s needs. He added that the French consumers experience difficulties comparable to those discovered in the UK, particularly among SMEs.
He expressed confidence in the company’s ability to respond to them quickly and meaningfully. He sees Libeo’s expansion into the United Kingdom as contributing to its goal of being Europe’s leader in business-to-business payments.