Expensya from Tunisia has raised a £4 million ($4.5 million) funding to accelerate its growth, according MENAbytes. Before this new fund, the company had raised $1 million last year and another small seed funding round in May 2016.
The expense management software platform impressed investors with its growth since established in 2014, having hired 60 employees, with 40 of them working from the Tunis office and the rest from Paris. The latest round was led by French investment firms Seventure Partners and ISAI, as well as existing investors, TDR and business angels.
“These funds will allow us to strengthen our research and development capacity and enable us to make expense reports more intelligent both for French and global market,” said Karim Jouini, co-founder and CEO.
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The old-style procedure of managing expense reports has a lot of friction points. Expensya is digitizing this entire process to remove all those frictions.
The start-up by Karim Jouini and Jihed Othmani, makes it easy for companies – big or small – to oversee their expense reports with its website and mobile apps. The start-up moved its centre of operations to Paris but still has most of its staff operating from the Tunis office.
This is how it works. If you are making an expense, you can just scan the receipt using Expensya’s app. It will automatically understand what’s inside the receipt, record it as an expense and send it for approval. Once it has been approved, it will go to the finance department who will then record it as a company expense and refund the amount to employee. It provides integrations with all the leading ERPs and Accounting software, including Oracle, SAP, Microsoft Dynamics, Quickbooks, and Workday.