Dec 9, 2016

09/12/2016 · Belgium · Financial Services , Software · Ark Angels Activator Fund , PMV , Sherpa Invest The Belgian fintech start-up Virteo has raised 2.2 million euros in a new round of financing. Virteo is an online community platform that allows companies to speed up and simplify the recovery of unpaid invoices. ParticipatieMaatschappij Vlaanderen (PMV) is supplying half the capital, while Sherpa Invest 2 and the Ark Angels Activator Fund (AAAF) are each providing a quarter. Virteo intends to use the new money to accelerate the commercialization of its home market, expand the capabilities of the platform and to prepare for expansion abroad. “In Belgium half of all invoices are paid late and up to 3 per cent 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. Virteo makes this simpler and more transparent. We automate the allocation of cases to lawyers and bailiffs, and centralize all communication,” says CEO Karel Vanderheyden. Kris Vandenberk (PMV): “To achieve this, Virteo is immediately expanding its team with four new employees to create a team of 17 people. The company has planned another 10 vacancies for next year, mainly software developers.” Unpaid invoices sent directly to legal service providers Virteo is a management platform with clients with unpaid invoices on the one hand and lawyers and bailiffs on the other. The unpaid invoices are followed up quickly and efficiently through Virteo by bailiffs, lawyers and other service providers. These parties are selected automatically by the system or using parameters defined by the creditor. Marc Mommaerts (AAA Fund): “When we discovered Virteo, through our ING network, what immediately appealed to us was that all the steps that the service providers have to take can be configured centrally in Virteo. This can be a reminder, an amicable settlement, monitoring a repayment plan or legal recovery.” The creditors have real-time insight into the status and documents of all the cases, as well as all the costs. The system avoids unnecessary costs for the creditor and the debtor. Organizations want to reduce the number of intermediaries Across Europe there is a trend towards more integration and fewer intermediaries. In 2015 the proportion of recoveries through traditional collection agencies fell by more than 20 per cent, in favour of other methods. “Our application means that unpaid invoices are paid more quickly, the costs are lower and there is more transparency. This benefits everyone, the creditors as well as the debtors,” says Vanderheyden. Eric Vandoorne (Sherpa Invest): “With bailiff associations such as Legal Recovery and Hugebru joining up, after just a few months Virteo’s community already consists of more than 60 bailiffs as well as some 70 law firms.” About Virteo Virteo is an online management and allocation platform for credit collection and debt recovery. Private and public companies can have their unpaid invoices followed up quickly and efficiently through the platform by affiliated service providers, such as bailiffs and lawyers. Virteo is based in Mechelen and has 17 employees.