Cevinio to expand international roll-out of touchless invoice management system

July 28, 2020 - 15:27

Cevinio to expand international roll-out of touchless invoice management system

Internationally operating scale-up Cevinio secured a multi-million euro investment from Endeit Capital and CNBB Venture Partners. Rotterdam-based Cevinio plans to use the funds to accelerate both its international growth and the development of its smart invoice management algorithms. While making invoice-to-pay processes up to five times more efficient for multinational companies, Cevinio’s platform requires only a short implementation period to be up and running. To help kick-start the international expansion rebranding efforts are underway, including a name change from InvoiceBlox to Cevinio and a new corporate identity.

Investment by Endeit Capital and CNBB Venture Partners
The recent financial injection by Endeit Capital and CNBB Venture Partners allow Cevinio to accelerate its international growth and the development of its increasingly smart invoice management algorithms. The company currently handles invoices in over 90 countries. Jelle-Jan Bruinsma, Partner at Endeit Capital, says: ‘In the recent past, we have worked intensively with Cevinio and we are impressed with their superfast and reliable software. Cevinio is taking the invoice-to-pay market by storm, which is an impressive feat to witness. Endeit Capital is looking forward to being part of this quest and helping Cevinio live up to its international ambitions to become a global market leader. In addition to our financial investment, we will therefore also offer Cevinio access to our international network of scale-ups’.

Third generation Artificial Intelligence
Cevinio, founded in the Netherlands, applies its third generation Artificial Intelligence to automate credit invoicing and eliminate any redundant steps in the procedure. The systematic automation of work processes in this day and age forces companies to continually improve their invoice-to-pay systems. Swift invoice handling means rapid payments to suppliers. Cevinio’s algorithms help by touchlessly linking incoming invoices to purchase orders as well as automatically running invoice compliance checks and logging the invoices in the accounts. These procedures result in a to two to five-times speedup of the invoicing process. Other advantages are the short deployment time and the compatibility of this smart system with existing systems such as SAP and Oracle.

Smart name and fresh style
This new phase in the growth of the company is facilitated by the financial support from Endeit Capital and CNBB Venture Partners, but it also involves a name change and a new corporate identity. Jeroen Volk, CEO Cevinio, explains: ‘We made a name for ourselves 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.’