French B2B Payments Firm Libeo Enters UK Market

After years of operating in France and mainland Europe, B2B payments firm Libeo has launched in the U.K., the company said in a blog post.

Libeo says the move marks a shift into “a more mature market in the realm of digital transformation,” shepherded by new Managing Director for the U.K. and Northern Europe Glen Foster.

“I’ve always been passionate about SMEs and accountants and bookkeepers, and Libeo gives me the opportunity to continue to support both, with great technology,” Foster said in the blog post. “I know all too well the challenges with paying and getting paid, and the impact that can have on a business owner.”

Libeo’s offerings include accounts payable (AP) and accounts receivable (AR) capabilities, while also allowing users to make payments on all major payment rails, one-click payments, and a combined workflow.

Read more: Finding The B2B Connection In Accounts Payable Automation

“The UK is Europe’s most mature fintech market for consumers, both in terms of size and usage,” the company said. “However, the rate of adoption of fintech among SMEs in the UK is far lower, with 49% of UK businesses still using paper cheques to pay suppliers.”

The company says that B2B payment solution users have higher expectations for their payment experiences, as their time as retail consumers has shown them the possibilities for business payments processes.

“Technology must be used to add value to B2B payments, innovating the customer experience through automation and integrated processes,” Libeo said.

Speaking to PYMNTS in 2020, Libeo CEO and Co-founder Pierre Dutaret said that while technology is vital to helping small and medium-sized businesses (SMBs) elevate their AP strategies, it’s also important to build connections, between back-office systems and between buyers and suppliers, to achieve a P2P-like experience.

“Today, you can pay a friend in a second for free by using a mobile payment app,” he said. “For businesses, it takes 10 minutes and costs an average of 22 euros.”