France-based N2F raises €24M from PSG Equity for its expense management software solution

France-based N2F, a provider of expense management software solutions that claim to process business expenses up to 4x faster, announced on Monday that it has raised €24M in growth funding from PSG Equity.

PSG Equity is a growth equity firm that partners with software and technology-enabled services companies to accelerate their growth and help them scale across Europe and North America.

“Expense reports in a flash”

Founded in 2015 by Nicolas Dubouloz and Jean-Joseph Reslinger, N2F is a solution to the time-consuming manual process of managing expenses. 

The Bourg-en-Bresse-based startup offers solutions that digitise the entire process of logging, approving and archiving expense reports, simplifying the daily life of accountants, managers and employees.

N2F claims to have created a full-fledged expenditure management software that prioritises efficiency and usability, allowing customers to handle business costs up to 4x quicker.

The company’s application mixes features such as smart scanning, tax-compliant archiving, real-time tracking, and AI-powered anti-fraud, and its software system can integrate with bookkeeping software, banks, travel companies, and fleet management solutions.

Currently, N2F processes over one million monthly expense reports for more than 10,000 businesses in more than 86 countries, with a product accessible in 11 languages. 

It was initially designed for SMEs. However, the startup now also serves businesses of all kinds and is used by blue-chip European firms such as Iliad, DMG MORI, and Holidu.

According to N2F, it is recognised for:

• An ultra-fast smart-scanning tool capable of automatically producing expenditure records in less than one second
• User-friendly interface that can be customised to each customer’s expense policy and review process
• Digital archiving of expenditure records that are secure and time-stamped, ensuring compliance with country-specific fiscal standards
• Deep industry knowledge and niche features, such as simplified mileage budget management and full per diem management in DACH
• Automatic FX conversion across 160+ currencies, reducing the complexity of cross-border expenditure records
• Direct API integration with the majority of accounting software solutions

How will PSG help N2F’s European vision?

N2F’s aim is to expand globally across Europe where it can assist over 20 million companies in reducing processing time and costs. In 2022, the company prepped for international expansion by increasing its workforce and launching Keeple, a SaaS solution to handle personnel leaves and absences.

With the partnership with PSG, N2F intends to accelerate its European growth with a plan to hire 200 people over the next five years while continuing to develop and engage in R&D.

Nicolas Dubouloz, CEO of N2F, says, “We believe that this partnership with PSG marks the beginning of a new phase of growth for our business and reaffirms both the relevance of our solutions and our position as a market leader.”

“We are delighted to have an expert in the European Bt2B SaaS market by our side going forward; not only do we share the same values, but also the aspiration to grow the business with customer satisfaction and employee well-being at its heart,” adds Dubouloz.

PSG works closely with founders and management teams to support them in their day-to-day strategic decisions, drawing from its strength in M&A and international expansion, especially in Europe and the U.S., while pursuing a sustained investment plan. 

About PSG Equity

Founded in 2014, PSG helps software and tech-enabled services providers navigate transformational growth, capitalise on strategic opportunities, and build strong teams. It operates out of offices in Boston, Kansas City, London, Paris, Madrid, and Tel Aviv.

The firm has already backed more than 115 companies and facilitated over 420 add-on acquisitions. N2F is PSG’s ninth platform venture in France and its twenty-first in Europe.