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iPaidThat

iPaidThat, you accounting assistant 24/7

France
Market: Financial services, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 17.08.2020
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Idea

iPaidThat uses artificial intelligence to automatically collect through robots all the invoices, scan receipts, perform a bank reconciliation and categorization, and manage expenses.

Current Status

iPaidThat is a startup created in 2017, which operates in Europe and more specifically in France, Spain and Belgium.
In order to continue its development, iPaidThat has raised seed capital from various investors, in particular Truffle Capital, a fund specialising in Medtech and, for the past two years, Fintech and Bpifrance.

Market

iPaidThat targets the managers of very small, small and medium enterprises but also accounting firms by automatically collecting entries and simplifying the relationship with their customers. To meet all these challenges, iPaidThat offers several functionalities in a single application.

Problem or Opportunity

Sébastien Claeys, Hugo Allary and Jean-Pierre Ocalan started from the realization that preparing their accounts and sending them to their accountant was a waste of time for the entrepreneurs. Therefore, they wanted to facilitate the work of business managers. In fact, business managers encounter several problems: having all the accounting documents and business expenses accounts, to sort them, to store them and to transmit them in an orderly manner. This leads to a lack of visibility on the company’s financial health. The software is also intended to enhance the collaboration between entrepreneurs and accounting companies.

Solution (product or service)

iPaidThat is a French start-up that uses artificial intelligence to automate the accounting preparation of companies. The software allows to manage the company in complete security by offering different functionalities: real-time invoice collection, business expenses management, bank reconciliation and categorization and export of accounting entries.
The objective? To simplify accounting and make it accessible to all the managers of the companies.

Competitors

Quickbooks, Receipt Bank and Axeptio

Advantages or differentiators

With each competitor we have a special difference but the most common one is that we collect automatically all the invoices from mailboxes. In other words, it is the combination of Quickbooks and Receipt Bank, at iPaidThat we go all the way from A to Z. For Axeptio, our competitive advantage is the automatic collection of all the invoices from mailboxes.

Finance

We have all kind of plans adapted to customer needs: from 36 euros (light) for automatic invoice collection, 49 euros (mostly) for freelancers and very small businesses, 79 euros for Startups & SMEs and up to 129 euros for organisations with greater needs.
iPaidThat is growing and we expect to multiply our revenue by four by the end of 2021.

Business model

Our solution uses artificial intelligence and machine learning in order to collect the invoices automatically from the mailboxes. It is a collaborative platform between the expert accountant and its clients. To be more precise, our team created algorithms that search every 20 minutes in the mailboxes for invoices and find them using the keywords, which are: The date, the VAT and the amount. After that, it synchronizes it with our platform. Other than this, we have the application for scanning all the receipts and at this stage, there is the OCR that recognizes all the important invoice features which are: the date, the VAT and the amount and it also synchronizes it with the bank transactions in the platform.

Money will be spent on

(I asked for help from a consultant but I did not receive any answer)

Offer for investor

To be discussed in the meeting

Team or Management

Risks

Some of the risks that we face are in terms of security of the product.

Incubation/Acceleration programs accomplishment

We participated in some acceleration programs such as the Start Path of Mastercard but unfortunately we were not selected.
On another side, we got selected in the Bosch Digital Breakthrough Challenge and we are still in the process.

Won the competition and other awards

Second trophy of Next Innov in 2019 - France

Invention/Patent

(I asked for help from a consultant but I did not receive any answer)

Photos

Photo 1 - iPaidThat, you accounting assistant 24/7

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video