Technology

Expensya raises $ 20 million to tackle European market

Fintech players become partners in the transformation of companies, aware of the changing professional environment. Expensya, which supports the automated management of professional expenses, raised $ 20 million, supported by two new funds, MAIF Avenir and Silicon Badia.

It wishes to use this sum to invest in R & D and accelerate its deployment on the European market. Despite the health crisis, which has drastically reduced business trips and professional trips, Expensya is posting “100% growth” in 2020, driven by “new customers” and a shift in certain expenses, particularly towards mobility packages and the purchase of computer equipment for teleworking, says CEO Karim Jouini, to .

Gone are the days of receipts and Excel files to make expense reports. Through OCR (“Optical Character Recognition”) technology, employees use their mobile phones to scan their invoices. This digitized data is loaded and saved automatically within the application, to be processed later.

360 ° expense management

Founded in 2014, the company goes beyond the framework of expense reports to reposition itself on “360 °” expense management, as a press release indicates, including “all professional expenses from A to Z”, and thus freeing up companies and employees of low added value tasks.

The solution currently has 5,000 customers for 500,000 end users. It is gradually evolving towards a more complete and disruptive model, including overheads.

Expensya also issues means of payment, providing for the moment virtual cards and soon plastic cards. The solution also offers data analysis and expenditure projection. This function is likely to greatly facilitate the life of financial directors, some of whom are required to work for companies present in several countries, observes the CEO.

Continue to invest in R & D

While nearly 80% of the head offices in Expensya’s client portfolio are based in France, the company aims to open up to the European market, and announces that it will recruit, over the next three years, “more than 100 employees”.

The fintech says it is also concentrating its investments in R & D. According to Karim Jouini, it is necessary that in the long term “all customers use all the use cases provided by Expensya”. Among the objectives, the company intends to automate as many scenarios as possible, and in particular to encourage “the delegation of validation from the manager to our technology,” says the CEO.

Thanks to the accumulated data, investments will also be devoted to improving the automation of control points on the accounting and finance part, he adds.

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