This Dutch invoice startup automates business invoice management with AI, secures €4.5M

Are you finding it tedious to handle the invoice processing of your business? Well, invoice processing is time-consuming for many and many solutions out there claiming to help you could be inefficient and unreliable. This is where a Dutch startup comes to play with a smarter system that challenges the existing routines, cutting the crap and taking the experience to the next level.

Rotterdam-based fast-growing Accounts Payable software company Cevinio (formerly known as InvoiceBlox, TBlox and InvoiceSharing) is known for offering smart algorithms to remove redundant steps involved in the invoice handling process.

Its system changes the way companies experience invoice processing and witness improved productivity and minimised compliance risk. Cevinio deploys advanced Artificial Intelligence technologies and its integrated end-to-end requires just one application for the process.

Rebrands as Cevinio

Now in an attempt to scrutinise its brand and purpose, InvoiceSharing founded by Jeroen Volk and Vincent Prooij in 2013 rebrands itself as Cevinio. This new name will mirror the company’s algorithm in a smart way.

Jeroen Volk, Cevinio CEO said, “The market knows us as InvoiceBlox, InvoiceSharing and TBlox. Recently, we profoundly scrutinized our brand and purpose. What is it that we stand for and what is our core mission? We concluded that everything we do is about helping companies perform better by offering smart solutions, breaking routines and removing process redundancies. Our new-found purpose needs a fresh corporate identity that reflects who we are. We felt these changes would not be complete without a new name: Cevinio. It is a smart anagram of the word ‘invoice’; a play on words that mirrors our algorithm in a way. Starting today, we have a clear and recognisable corporate presence and name.”

Secures investment of €4.5M

The Dutch startup Cevinio has also just announced that it secured €4.5 million investment from Endeit Capital and CNBB Venture Partners. The company will channel its investment for its internal growth and accelerate the development of its smart invoice management algorithms. Currently, Cevinio handles invoices from over 90 countries.

Jelle-Jan Bruinsma, Partner at Endeit Capital said, “We’re very excited to help the team at Cevinio realise their international ambitions. The market opportunity of automating accounts payable processes is massive and currently served by generally fragmented software solutions. Cevinio has proven to deliver an end-to-end enterprise-grade solution with outperforming return-on-investment for very demanding clients.”

Automates invoice processing

Cevinio automates the work processes and urges companies to improve their invoice-to-pay systems continually. Its swift invoice handling process means rapid payments to suppliers. Its smart algorithms facilitate touchless automation of linking invoices to purchase orders, running invoice compliance checks, and booking invoices in the ledger.

These procedures minimise the invoice processing time by two to five times along with improved auditability and compliance. Besides these, Cevinio offers benefits such as short implementation time and compatibility with the existing systems including Oracle and SAP.

In the current technologically advanced world, it is important to have such time-saving, intelligent, and hands-free solutions to process invoices. We can expect more such solutions to resolve issues related to invoice solutions.

Main image picture credits: Cevinio