Tunisian expense management software developer Expensya has raised a EUR4 million (US$4.5 million) funding round to continue its growth.
Founded in 2014 by Karim Jouini and Jihed Othmani, Expensya is a smart web and mobile solution that helps users more efficiently manage their expenses reports, and addresses the issue of mobility and automation of expenses.
After previously raising funding in 2016 and 2017, the startup has now secured EUR4 million in backing from French investment firms Seventure Partners and ISAI, as well as existing investors TDR and business angels, to fuel its growth and speed internationalisation.
Expensya develops partnerships with many large European corporate groups to cover the entire business travel market, and offer a complete and optimal experience to its users. The startup employs nearly 60 people and recorded growth of of 200 per cent in 2018.
The funding will give the company the chance to pursue a growth strategy capitalising on its unique expertise and position as a major player on the European expense management market.
“These funds will allow us to strengthen our research and development capacity and enable us to make expense reports more intelligent both on the French market and internationally,” said Expensya chief executive officer (CEO) Karim Jouini.
“We will also increase the recruitment of new sales forces to best meet the needs of our customers and deploy our strategy internationally.”
The solution is already used in more than 60 countries, by more than 4,000 companies, and in eight different languages, with this fundraising strengthening its commercial presence in several strategic markets.
“Expensya’s technology edge, including its OCR and intelligent recognition technology, is well ahead of the competition and has convinced us of the company’s ability to disrupt the expense reports market,” said Thierry Vandewalle, associate director at ISAI.