Expensya, a SaaS for expense management, has raised a little over $4.5 million (€4 million) in its latest funding round, the startup told MENAbytes. The investment came from ISAI, a $175 million fund that invests in early-stage technology startups in France, and one of leading French VC firms Seventure Partners.
Founded in 2014 in Tunis by Karim Jouini and Jihed Othmani, Expensya makes it easy for companies of all sizes to manage their expense reports through its website and mobile apps. The startup had later moved its headquarters to Paris but still has most of their staff working from the Tunis office.
The traditional process of managing expense reports and requesting reimbursements has a lot of friction points. Expensya is digitizing this entire process to remove all those frictions.
So if an employee is making an expense they can just scan the receipt using Expensya’s app on their mobile phone. The app will automatically understand what’s inside the receipt, record it as an expense and send it for approval to this employee’s manager. Once the manager approves, it will go to the finance department who will then record it as a company expense and reimburse the amount to employee.
Expensya offers integrations with all the leading ERPs and Accounting software, including Oracle, SAP, Microsoft Dynamics, Quickbooks, and Workday.
Karim Jouini, co-founder and CEO of Expensya, speaking to MENAbytes, said, “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.”
The startup before raising this investment had raised $1 million last year and another small seed funding round in May 2016.
Expensya currently has a team of 60 employees, with 40 of them working from the Tunis office and the rest from Paris.