TUNISIA – Expensya, a Tunisian French automated spend management solution for businesses, has announced in a statement that it has raised US$20 million in fresh funds from Paris-based MAIF Avenir and Amman-based Silicon Badia.
The startup will use the funding to accelerate its product development and international growth as it aims to become the leader for business expense management solutions.
The Series B round takes Expensya’s total raise to date to over US$25 million, making it the best-funded Tunisian startup and one of the best-funded SaaS startups of the Middle East & North Africa.
Founded in 2014 by Karim Jouini and Jihed Othmani, Expensya’s online software automates expense management for businesses. Its web, mobile, and API-based tools make it easy for businesses of all sizes to manage the entire spend without having to spend their time on manual repetitive tasks.
“This fundraising is a testament to Expensya’s performance and reflects its ambition to be THE leader in 360° expense management,” Karim Jouini, the co-founder and CEO of Expnsya, commenting on the investment, said.
“It is a powerful accelerator for the business expense automation market, offering the most comprehensive solution coupled with an optimized experience.”
Expensya’s mobile app enables employees of any business (that uses its solutions) to file expense reports by uploading their invoices to it (its OCR+ technology extracts all the essential information from the invoices).
In addition to a powerful set of features, it also offers integrations with all the leading ERP software applications including SAP, Oracle, and Microsoft Dynamics – as well as with travel, banking, and different other business applications.
“After evaluating several opportunities in the general space, we were very excited to find a company that has the foresight to understand what the market needs and where the industry is heading globally in terms of moving from pure expense management 1.0 tools into next-generation spend management and payments solutions,” Namek Zu’bi, Managing Partner of Silicon Badia, said.
“Karim, Jihed and the team at Expensya have done an amazing job building an API-first collaborative platform and are in a great position to scale moving forward.”
According to its website, Expensya currently serves over 5,000 customers in over 100 countries – including large corporations, mid-caps, small businesses, and freelancers.
In a statement, the company said that it has grown 100 percent during the pandemic, without sharing further details.
The startup currently has over 140 employees in offices across four countries. Headquartered in Paris, most of Expensya’s staff works from its office in Tunis, where it was born about seven years ago.
With this round of funding, Expensya now plans to add another 100 employees to its headcount in the next three years to support different functions.
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