Tunisian startup, Expensya, has raised nearly USD 4.5 Mn in its latest funding round from two French investors ISAI and Seventure Partners. ISAI is a fund that supports early-stage technology startups with investment machinery that is believed to be worth up to USD 175 Mn. On the other hand, Seventure Partners is considered one of the leading VC firms in France.
Expensya launched operations back in 2014, and Karim Jouini and Jihed Othmani co-founded the startup which is a SaaS platform for expense management.
Expensya helps companies of all types and sizes to manage better and put together expense reports using its web and mobile platforms. Although the startup has since shifted base to Paris, the French capital, it is still primarily a Tunisia-based company as most of its operations and staff still work from the company’s office in Tunis.
The startup appears to be proving its worth in the area of removing friction points and eliminating difficulties associated with managing expense reports and requesting reimbursements, especially as the traditional methods are known to be flawed.
Expensya manages details associated with company expense by making it possible for employees to scan receipt of expenses using the company’s app on their mobile phone. And from there the app takes over by making sense out of what is stated on the receipt, taking record of the expense, and sending it to the manager of the supposed employee for approval.
It doesn’t end there, though, as once the manager has ratified the expense, the app transfers the baton to the finance department who then take note of the transaction as a company expense before reimbursing the employee in question with the amount spent. It may sound like a lot of protocol, but it is pretty much a seamless and straightforward process.
With operations centered around such software as Oracle, SAP, Microsoft Dynamics, Quickbooks, and Workplay, Expensya claims to offer integrations with most of the well-known ERPs and Accounting Software.
Karim Jouini, Co-Founder and CEO of Expensya, told MENAbytes that the latest investment would help beef up the company’s research and development efforts, as well as facilitate the provision of more intelligent expense reports for both the French market and beyond. The CEO, however, remained tight-lipped on the subject of equity agreements.
Before this funding round, Expensya is reported to have raised USD 1.1 Mn from a dozen private investors in the previous year, as well as an undisclosed amount in a seed round closed in May 2016. The startup currently boasts of a roster of 60 employees, with as many as 40 of those working out of the company’s office in Tunis.
Feature image Courtesy: Wamda