Expensya a Tunisia based startup has raised $ 20 million series B fund to expand into the European market. The fund is intended to aid the company’s expansion plans and as well start operations in the European market.
The event was led by two companies ,MAIF Avenir a French based Fintech that invests in post- seed and series B startups founded by French entrepreneurs and Silcon Badia a venture capital firm providing networks and support to leading technology entrepreneurs around the world. Other investors present in the funding round include ISAI and Seventure.
According to Karim Jouini,the CEO of Expensya the fundraising was a testament to their performance and reflected their aspirations in emerging as the leader in 360-degree expense management.
He added that it’s a powerful accelerator for the business automation market, offering the most comprehensive solution coupled with an optimized experience.
Expensya is a web and mobile solution that automates business expenditure, these includes expense reports like, air tickets, hotel booking, then general expenses like administrative, online expenses like phone bills and online purchases also daily allowances, mileage expenses and travel authorizations.
It automates every stage of the business spend management process for all companies regardless of their size and their sector.
Currently their solution is used by over 400,000 users in over 100 countries.
Namek T Zubi,co founder and Managing director of Silicon Badia said that they were excited to find a company that has the oversight to understand what the market needs and where the industry is leading globally in terms of moving from pure expense management 1.0 tools into the next- generation spend management and payment solutions. He added that they are in a great position to scale moving forward.
On the other hand, Milene Grehan head of MIAF Avenir fund, said the they are pleased and proud to be supporting the Growth of Expensya, whose solution accompanies the transformation of the professional environment and strengthens organizations to make them more sustainable. He said that they have been impressed by the company’s progress and performance since its founding and share the vision of its leader who is committed to corporate citizenship.
As at the moment, Expensya’s total fundraising amounts to over $25 million making it the best funded startup in Tunisia and one of the best startups in North Africa and the Middle East.
The startup was founded in 2014 and is one of the Saas startups in Tunisia. SaaS startups are companies that use software to provide services to their customers. They create develop, host and update products themselves. They have immediate access to an unrestricted global market and can scale without increasing product delivery costs.