The Belgian fintech startup Virteo has raised €2.2M in a new round of financing. The startup intends to use this money to accelerate the commercialization of its home market, expand the capabilities of the platform and to prepare for expansion abroad.
Virteo is an online community platform that allows companies to speed up and simplify the recovery of unpaid invoices. Karel Vanderheyden, CEO, says, “In Belgium half of all invoices are paid late and up to 3% are never paid at all. For companies with large numbers of invoices, the process of follow-up and recovery is often labour-intensive and usually involves engaging various parties such as collection agencies, lawyers and bailiffs.”
"Never before, the process of getting paid has been so transparent and end-to-end integrated"
Virteo, a management platform with clients with unpaid invoices on the one hand and lawyers (70 law firms) and 60 bailiffs on the other, makes this simpler and smarter. Unpaid invoices are sent directly to legal service providers, the costs are lower and there is more transparency. This benefits everyone, the creditors as well as the debtors.
The new funding, where half of the capital is provided by ParticipatieMaatschappij Vlaanderen (PMV), while Sherpa Invest 2 and the Ark Angels Activator Fund (AAAF) are each providing a quarter, will be invested in empowering the platform, further commercialization of the home market and preparing for expansion abroad. To achieve this, Virteo is immediately expanding its team by opening new vacancies.