The fast-growing Rotterdam-based scale-up in Accounts payable software, Cevinio has secured a multi-million euro investment from InnovationQuarter. Cevinio’s low-code cloud-enabled solution makes invoice management processes up to five times more efficient, allowing clients to realise productivity gains in record time. The company has also welcomed three accomplished entrepreneurs to its board of directors. Cevinio plans to use the funds to continue its expansion into the international market. Existing investors Endeit Capital and CNBB Equity Partners also participated in this investment round.
Cevinio has seen increased demand for its product this past year as large organisations have accelerated the adoption of innovative technology to adapt to the pandemic. The company’s new growth phase is being facilitated by financial support from InnovationQuarter.
Jeroen Volk, Cevinio CEO, comments, “We are excited to partner with InnovationQuarter as the demand for digital transformation and automation ramps up due to COVID. This investment allows us to keep up with the demand for the product and scheduled product implementations. After our rebranding to Cevinio last year, we’re now focused on becoming the leading Invoice productivity solution for Top 5000 Corporations.”
The investment by InnovationQuarter, Endeit and CNBB will allow Cevinio to further enhance its invoice processing algorithms and expand its reach. The company currently handles invoices from more than 90 countries.
Angela Pellaupessy, senior investment manager at InnovationQuarter, says: “We are very much looking forward to the years ahead with Cevinio as the company and its product continue to challenge and outpace traditional financial processes. Its system increases productivity and reduces compliance risks, thereby eliminating wasteful inefficiencies. We seek to provide Cevinio with the tools needed to realise its full potential while continuing to deliver a first-rate payment solution.”
Addition of experienced supervisory board members
To support the company on its journey, Cevinio has added three new board members:
Bernadette Wijnings, Co-CEO and co-founder of Blanco Fintech, Rene van Stiphout, founder of De Haas Ventures and former MD at Oracle, and Serge Poppes, CEO and founder of Pegamento. The new board members bring a wealth of experience which will benefit the company and its clients.
According to van Stiphout, “Cevinio’s innovative platform delivers real added value to large enterprises that are striving to increase efficiency while maintaining the quality of financial processes.”
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