# Libeo Financial Model B2B SaaS platform automating accounts payable processes and payments for European SMEs. - Canonical: https://finamodel.com/startups/libeo - Excel download: https://finamodel.com/startup-models/libeo.xlsx - Category: Fintech - Model type: Marketplace / GMV - Funding round: Series A - Funding: $24M - Founded: 2021 - Geography: Europe, France-first (ACPR-regulated). - Customer: B2B2C ## About the company 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. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## 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:** 1. Assumptions dashboard (all drivers in one place) 2. Customer cohort model (new adds, churn, net active by month) 3. Revenue build (subscription MRR/ARR by tier + optional payment GMV/take-rate) 4. P&L (revenue → gross profit → EBITDA → net loss) 5. Headcount plan (by department, linked to S&M/R&D/G&A) 6. Cash flow & runway (months of runway at current burn, break-even date) 7. Scenario toggle (Bear / Base / Bull) 8. Summary KPI page: MRR, ARR, customers, ARPU, CAC, LTV, LTV:CAC, gross margin, burn, runway ## Frequently asked questions ### Is the Libeo financial model free? Yes. The Libeo model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.