iPaidThat

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

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.

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.

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.

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.

Quickbooks, Receipt Bank and Axeptio

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.

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.

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.

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

To be discussed in the meeting

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

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.

Second trophy of Next Innov in 2019 - France

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