According to the EY Global Fintech Adoption Index According to the EY Global Fintech Adoption Index, the U.K. is Europe’s most developed consumer market for fintech, in terms of both size and the amount of use. However the adoption rate of fintech within SMEs within the U.K is significantly less, with only 49 percent of U.K. companies paying with paper cheques suppliers.
Believing in the potential of the segment and trying to bridge the gap between business and consumer payment options, French fintech software Libeo has launched in Libeo’s U.K. market to fuel its growth plans in Europe. The move comes on following the company’s raising EUR20 million in capital last year.
The platform based in Paris is designed to simplify invoices and payment for SMEs. It connects a group of businesses that allow business manager, financial directors as well as accountants of SMEs to consolidate all invoices and pay and be paid easily by just one click and without having to change the bank accounts they have. With options like the accounts payable (AP) and accounts receivable (AR) capacities and synchronisation with banks and accounting software in the market.
As the leader of Libeo’s U.K. operations, Glen Foster as director of operations in charge of operations for UK as well as Northern Europe, said: “I’ve always been fascinated by SMEs as well as bookkeepers and accountants and Libeo offers me the chance to keep supporting both of them, using the latest technology. I’m well-aware of the difficulties of paying and receiving payments and the effect that can affect a business owner. Additionally, I’ve witnessed in the last fifteen years, how accountants have expanded their services to include things like client payments to suppliers and allowing clients to get to concentrate on running businesses that are successful.
The co-founder of the company and its CEO, Libeo, Pierre Dutaret said: “Our success in France is a clear indicator of the requirements of the industry. The challenges faced by the needs of our French customers are the same as those we observed in the UK especially in the SME segment. We believe that we will be able to meet their needs in a way that is relevant. Our expansion to Europe and the U.K. supports our ambition to be the European top business-to business payment provider.