European B2B payments FinTech Libeo has raised €20 million in Series A funding, less than a year after receiving €4 million in seed funding.

The company has built a payments and invoicing platform for SME companies and their suppliers, which is designed to make invoicing “less painful and fraud-free”.

The platform simplifies the management and payment of supplier invoices by connecting companies to each other directly, without them having to go through their banking interface.

“At a time when individuals can pay each other in one click from their smartphones, most companies continue to print invoices, store them in folders and pay them manually, either by transfer or cheque,” said Libeo.

The Libeo system enables automated invoice collection, team approval and one-click payments without any manual input or need for IBAN numbers.

Over the past year, the number of B2B payments processed by the company has multiplied by 30 and reached €100 million in value annually.

DST Global took the lead in the latest funding, accompanied by LocalGlobe, Serena and Breega, along with a number of angel investors.

Libeo will be using the extra funding to scale its platform across Europe. The company currently has offices in Paris and London.

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