Pierre Dutaret  CEO and co founder of Libeo sits down with New Business to explain.

Before we discuss Libeo in detail, how did three experienced entrepreneurs get together in the first place? Who did what prior to Libeo? 

Before becoming an entrepreneur, I had a decade-long career in finance, working at Merill Lynch and later BNP Paribas. From then, I began my entrepreneurial career in the co-founding of ComptaLab, an accounting start-up, and Farago, a restaurant group. I worked with Pierre-Antoine Glandier at ComptaLab prior to founding Libeo with him. Pierre-Antoine has an educational background in computer science and management, and a successful career in project management and consulting. My second co-founder and COO, Jérémy Attuil, established his career as a lawyer specialising in M&A before his entrepreneurial days. Since then, he has set up several successful restaurants and bars around Paris.  

What was the inspiration behind starting Libeo?

Given the entrepreneurial background shared by the three of us, we agreed that paying suppliers was an ordeal for any company, especially for SMEs and VSEs. Considering the ease of making instant person-to-person transactions today, with digital tools provided by new players and established institutions alike, we aimed at simplifying B2B transactions without a need for manual data entry and IBAN, to make the process as streamlined and efficient as possible. 

Why is your focus predominantly on the SME community? 

In France, the UK and across the world, SMEs and VSEs are the backbone of the economy. We express great admiration for entrepreneurs and small business owners for taking on the arduous task of pushing forth a product or service that they believe in, often under challenging circumstances or without institutional support. 

We are also firm believers in technology's ability to streamline and automate processes, providing greater ease for workers. We have witnessed many technological developments that have offered such solutions over recent years but feel that many are geared towards personal use or aimed at large corporations. Despite their great importance to the economy at large, we identified a gap in the market for SMEs and VSEs. We aimed to fill this gap and provide necessary technological solutions to help business owners stay resilient and grow their companies.

How does Libeo support the well-being of SME business owners and its staff? 

Research has shown that VSE and SME business owners are likely to incur severe stress related to business matters, particularly financial aspects, including invoice management and payments. The British Association for Counselling and Psychotherapy (BACP) found that two-thirds of VSE and SME business owners prioritise financial success over mental health. As jarring as this sounds, this unfortunately does not come as a surprise, particularly in the beginning stages of their business development journey and the challenges that small business owners are faced with. Matters were made more difficult in the current context, considering the current economic situation and the impacts of the COVID-19 pandemic, where small businesses fared the worst. 

Libeo supports the well-being of business owners, enabling them to eliminate the stress attached to time-consuming tasks, such as invoice management and payment filing. Helping business owners focus on duties involving creative skills and people management gives them more time to focus on their mental health. As a result, business owners can create a healthier and more productive working environment for their employees. 

By simplifying financial management for business owners, Libeo provides them with greater economic stability, eliminating indirect costs that may be associated with poor invoice management, as well as reputational risks attached to unpaid or incorrectly paid supplier invoices. By enabling small businesses to operate with greater stability, Libeo's platform directly impacts the well-being of business owners and their staff, creating a more hospitable and productive working environment.  

Can you tell us more about how the Libeo platform helps business owners free up time? 

Business owners and back-office staff spend a significant amount of time managing invoices and facilitating payments. Completing these tasks by traditional methods can cost businesses up to 4 days a month, which could be more efficient. Libeo provides a fully integrated and automated business-to-business invoice management and payments platform. We aim to bridge the gap between invoice management, payments, reconciliation and accounting, eliminating the time spent on such time-consuming tasks through automation and the creation of strategic workflows. 

Our solution allows businesses to centralise, validate and pay their supplier invoices in one click and without bank account details or connecting with the bank. Full integration with banking and accounting software helps save time with invoice processing.

Business owners are freer to dedicate more time to focus on what matters, devising growth strategies and engaging with staff, ultimately leading to higher productivity and revenue. 

With your launch into the UK market, what are your plans for the year ahead?

Libeo is a European industry leader, revolutionising digitisation and automation in the B2B industry among VSEs and SMEs. We plan to continue supporting VSE and SME business owners' wellbeing and mental health in the year ahead, allowing them to grow their businesses effectively and strategically. Following our acquisition of TrackPay in 2021, we have seen steady growth, with over 150 new hires split between France and the UK. As we launch into the UK market this year, we seek to continue growing our presence across the channel and worldwide.  

For more information visit Libeo