Expensya, the company that develops and supplies an expense management software, announces its new fundraising of € 4 million from ISAI and Seventure Partners, as well as from TDR and Business Angels that have trusted the company from the beginning.
These funds give the company the opportunity to pursue a growth strategy capitalizing on its unique expertise and position as a major player on the European expense management market. The solution provides enterprises and accountants with new-generation expense management, integrating into the Cloud innovative technologies such as Artificial Intelligence and Machine Learning. Winner of the Next'Step prize initiated by Maddyness and Banque Populaire, Expensya currently processes over 20 million euros of expenses each week and reduces the processing time of expense reports by 80%.
"Expensya's technology edge, including its OCR + intelligent recognition technology, is well ahead of the competition and has convinced us of the company's ability to disrupt the expense reports market," says Thierry Vandewalle, Associate Director at ISAI.
Expensya continues to innovate to revolutionize the expense reports management, operating before, during and after the business travel. The company also develops partnerships with many European large corporate groups, to cover the entire business travel market, and offer a complete and optimal experience to its users. The scale-up employs today nearly 60 people and records a growth of 200% on 2018. This growth, comes with the entry of large accounts, with groups like Thales DF, OVH, Groupe BPCE, and new strategic partnerships: Grant Thornton, InExtenso, Uber, Deutsche Telekom, .
"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" says Karim JOUINI CEO and co-founder of Expensya. "We will also increase the recruitment of new sales forces to best meet the needs of our customers and deploy our strategy internationally." Indeed, the solution is already used in more than 60 countries, by more than 4,000 companies, and in 8 different languages: this fundraising strengthens its commercial presence in several strategic markets. The company will also continue to invest in the development of new features, to further dig the functional backwardness of its competitors.
"Beyond the technology developed by Expensya, we were seduced by the quality of the teams and the management. In the broad and changing market of expense management, we are convinced that the company has all the assets to continue to grow at a steady pace," says Ludovic Denis, Venture Partners at Seventure Partners.
For more information: www.expensya.com (http://www.expensya.com)
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Expensya via Globenewswire
