Franco-Tunisian fintech company Expensya, a provider of B2B expenses management solution, has raised $20M (approx €16.5M) in a fresh round of funding. The round saw investment from two new funds, MAIF Avenir and Silicon Badia. In addition, existing investors ISAI and Seventure, also participated in this round.
Namek Zu’bi, Managing Partner of Silicon Badia, says, “We were very excited to find a company that has the foresight to understand what the market needs and where the industry is heading globally in terms of moving from pure expense management 1.0 tools into next-generation spend management and payments solutions. The company has built an API-first collaborative platform and are in a great position to scale moving forward.”
Automated spend management for companies
Founded in 2014 by Karim Jouini and Jihed Othmani, Expensya offers a business spend management automation solution for different business segments, including key accounts, SMEs, and Small office/home office (SOHO) businesses.
From payment to reimbursement, Expensya automates every stage of the business spend management process for all companies, regardless of their size or sector. Its software adapts the most complex processes and is connected to travel solutions, accounting, payment, and VAT recovery.
Expensya automates expense reports management from the receipt stage to its archiving, by introducing technologies such as the Cloud, Artificial Intelligence (AI), Machine Learning (ML), Big Data, and Business Intelligence.
With more than 140 employees spread across 4 countries, Expensya currently provides solutions to more than 5000 companies in approximately 100 countries and is currently processing over €30M in expenses each week.
New hiring
Recently, the company announced the arrival of Stéphanie Rogeau-Barré as Administrative and Financial Director and Fabrice Clauzon as Director of Partnerships.
Earlier in January 2021, the company recruited Nicolas Deswarte, Marketing Director, and Mario Roche, VP Sales. AnhTho Chuong Degroote, Growth Marketing expert, has also joined the Expensya board. With such talents, Expensya expects to strengthen its ability to assist its clients in their digital transformation.
Use of the funds
Karim Jouini, CEO of Expensya, is committed to developing a business model that creates value over the long term, first and foremost for its employees. Jouini says, “This fundraising is a testament to Expensya’s performance and reflects its ambition to be the leader in 360° expense management. It is a powerful accelerator for the business expense automation market, offering the most comprehensive solution coupled with an optimised experience.”
The raised capital will help the company to accelerate its international expansion – deployment of its services across mainland Europe. The funding will also help the company recruit, over the next three years, more than 100 new employees. Currently, it has a team of 140 employees.
With this fundraise, the company aims to provide the most comprehensive payment and expense management experience involving the employee (expense reports, general expenses, online purchases, daily commute, employee benefits).