Cleavr, a French FinTech using AI to automate invoice collection, has secured €8m in fresh funding to expand across Europe and further develop its AI coworker for finance teams.

Varsity led the round, with participation from Kima Ventures, Better Angle, 100IN, Portfolio Ventures, Kerala Ventures, Financière Saint James, Station F and Clover. Business angels from companies including Datadog and Convelio also took part.

The capital will be used to speed up the firm’s European growth, with plans to expand its sales function and invest further in product development. To support this push, Cleavr intends to bring on 20 new staff over the coming months across sales, product and tech roles.

The business has grown quickly since launching seven months ago. Over that period, it has signed up more than 100 companies operating in sectors such as logistics, transport, manufacturing, construction and tech, and the company states that it has not lost a single customer. It has also entered the Spanish, German, Belgian, Italian and UK markets, and now handles invoices worth several billion euros annually. Cleavr also chases payments globally from the overseas customers of the businesses it serves.

Cleavr acts as an additional member of a finance department. Once an invoice goes out, its AI finds the appropriate contacts, sends reminders via email and SMS, monitors commitments to pay and flags disputes for escalation, meaning staff only need to intervene where necessary.

According to the company, clients typically cut their days sales outstanding (DSO) by 37% on average within the first few months, bring in 40% more cash and recover 80% of the monthly time previously spent chasing payments.

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