Libeo Financial Model
Fintech Startup Financials (Free Excel Download)
B2B SaaS platform automating accounts payable processes and payments for European SMEs.
professionals from Deloitte
Used by professionals from
About this model
Libeo automates accounts payable and payments for European SMEs. Its software helps finance teams collect invoices, manage approvals, and pay suppliers from a single workflow instead of relying on manual accounting processes.
The company sells subscription plans ranging from €25 to €175 per month and has built a supplier network around its payer customers. Accounting integrations make the product more embedded in day-to-day finance operations.
The model should forecast subscribed companies, plan mix, monthly ARPU, and retention to build core SaaS ARR. Payment volume can sit as a secondary overlay for any future transaction revenue, while supplier-network adoption and sales efficiency explain customer acquisition and expansion.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Libeo
libeo.io
How to build a detailed financial model for Libeo
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Libeo model - distilled from its pitch deck and publicly available information.
Product & value proposition
AP automation platform covering: invoice centralisation (email, scan, drag & drop, Dropbox/Google Drive), AI-powered data extraction and automatic data entry, team approval workflows (PO reconciliation, cash flow analysis), payment execution (bank-connected, IBAN-less, one-click, immediate or scheduled), and monitoring/forecasting with accounting sync (QuickBooks and others).
Mission: "Make intercompany payments simple, fast and secure."
Core insight: paying a friend takes 1 second and is free; a B2B payment takes 10 minutes and costs €22.
Benefits claimed: 6x faster processing, fraud prevention, duplicate detection, IBAN inspection, cash flow forecasts, smart scheduling.
Market
- €25 trillion: total intercompany payment volume in Europe
- €60bn: total payment processing fees (⅓ in Europe; SMEs pay ½ vs. large corporates)
- 1.9 billion invoices issued in France in 2018; only 4.2% digitized
- 67% of SMEs still use Excel to monitor cash flow
- Framing: "No player has emerged in Europe yet" - greenfield AP automation opportunity
Revenue model
- Subscription-based SaaS
- Pricing tiers: €25/month to €175/month
- No per-transaction fee structure disclosed, though payment processing capability exists - potential take-rate revenue not quantified in deck
- Channels: direct (implied); network effects via supplier network (35,000 companies in Libeo network includes both payers and payees)
- Integrations: QuickBooks and others for accounting sync
Traction & metrics
- c.35,000 companies in the Libeo network
- 35 employees as of deck date (Feb 2021)
- Pre-seed €2m raised Apr 2019; Seed €4m raised Apr 2020
- ACPR licence approved Nov 2019 (French financial regulator - required for payment services)
- No MRR, ARR, revenue, growth rate, or churn figures shown in deck
Competition / moat
- Positioning: no named competitor slide; moat framed as first-mover in European AP automation for SMEs
- Regulatory moat: ACPR licence (French payment institution licence) is a meaningful barrier
- Network effects: 35,000-company supplier network creates switching costs and two-sided stickiness
- Technology: AI-powered OCR/data extraction, fraud prevention, duplicate detection
Team & funding ask / use of funds
- Co-founders: Pierre (CEO - Partnerships & Finance), Jeremy (COO - Sales & Customer Success), Pierre-Antoine (CPO/CTO - Tech & Product)
- 35 people total as of Feb 2021
- Additional leadership: CMO (Christelle), Head of Ops/Data (Lucas), Head of Tech (Sammy), Strategy/Partnerships (Imed), Head of Growth (Quentin)
- Total raised to date: €6m (€2m pre-seed + €4m seed)
Recommended financial model
Archetype + why: SaaS ARR subscription model with a payment volume / take-rate overlay. Core revenue is monthly subscription (€25–€175/month tiers). Secondary revenue potential exists from payment processing fees (ACPR licence enables this), though no take-rate is disclosed. The two-tier structure - subscription for software access + potential per-transaction economics - maps cleanly to a SaaS ARR build with an optional GMV/payment-volume layer.
Forecast horizon & granularity:
- Monthly detail: Years 1–2 (2021–2022)
- Annual summary: Years 3–5 (2023–2025)
- Rationale: early-stage with active fundraising; monthly granularity needed for burn/runway management
Key drivers & assumptions:
*Customer acquisition:*
- Starting customers (paying): ~1,500–3,000 paying companies out of 35,000 network; conversion rate unknown - assume 5–8%
- Monthly new customer adds: 200–400/month in base case, accelerating post-Series A
- Churn rate: 1.0–1.5% monthly (B2B AP software is sticky; benchmark for SME SaaS)
*ARPU:*
- Subscription ARPU: ~€60–75/month blended across tiers; deck shows €25–€175 range
- ARPU expansion: small upward drift as customers upgrade; ~5% annual upsell rate
*Payment volume (optional layer):*
- GMV per customer per month: €50,000–€150,000 based on dashboard screenshot showing "€120,457 this month" for one sample company
- Take rate: 0.05–0.10% net (European payment rails are low-margin; SEPA pricing is tight)
*Costs:*
- Headcount: 35 employees; avg fully-loaded cost €70,000–€90,000/year in France; total wage bill ~€2.8–3.2m/year
- S&M: 40–50% of revenue in Year 1 declining to 30% by Year 3 (typical early SaaS)
- R&D: 25–30% of revenue (fintech compliance + product build)
- G&A: 10–15% of revenue
- Infrastructure / payment costs: 5–8% of subscription revenue
*Funding:*
- Total raised: €6m
- Cash at time of deck: €2–4m remaining (burn rate unknown)
Scenarios (Base / Bull / Bear - which variables flex):
- Bear: slower new customer ramp (100/month), higher churn (2%), ARPU stays at low tier (€35)
- Base: 250 new customers/month, 1.2% churn, €65 ARPU blended
- Bull: 400+ new customers/month, 0.8% churn, ARPU expansion via upsell + payment take-rate contribution
Required sheets / outputs:
- Assumptions dashboard (all drivers in one place)
- Customer cohort model (new adds, churn, net active by month)
- Revenue build (subscription MRR/ARR by tier + optional payment GMV/take-rate)
- P&L (revenue → gross profit → EBITDA → net loss)
- Headcount plan (by department, linked to S&M/R&D/G&A)
- Cash flow & runway (months of runway at current burn, break-even date)
- Scenario toggle (Bear / Base / Bull)
- Summary KPI page: MRR, ARR, customers, ARPU, CAC, LTV, LTV:CAC, gross margin, burn, runway
Frequently asked
Is the Libeo financial model free?+
Yes. The Libeo model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Libeo's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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