Expensya, a Tunisian SaaS startup that provides software to businesses for managing expenses, has raised $20 million in Series B funding led by MAIF Avenir and Silicon Badia. Existing investors ISAI and Seventure also participated in the funding round
The new funding will be used to boost the company’s expansion and deploy its services across mainland Europe.
Commenting on the investment, Karim Jouini, CEO of Expensya, said that the fundraising was a testament to their performance and reflected their aspirations in emerging as the leader in 360-degree expense management.
“It is a powerful accelerator for the business expense automation market, offering the most comprehensive solution coupled with an optimized experience.”
With the closure of this round, Expensya’s total fundraising stands at over $25 million, bestowing it with the title of the best-funded Tunisian startup and also one of the best-funded startups of North Africa and the Middle East.
Namek T. Zu’bi, co-founder and managing partner of Silicon Badia, lauded Expensya to build an API-first collaborative platform and possess the foresight to comprehend the market needs.
“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. They are in a great position to scale moving forward.”
Milène Gréhan, head of the MAIF Avenir fund commented “We are very 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. We 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.”
Karim Jouini and Jihed Othmani founded the startup in 2014, intending to automate expense management for businesses via their online software.
Labeling itself as an end-to-end spend management software, Expensya’s web, mobile, and API-based tools enable companies to manage their spendings without compromising productivity, which otherwise shall be wasted on manual and repetitive tasks.
Businesses using Expensya’s mobile application can file expense reports by uploading their invoices on it, after which its Optical Character Recognition (OCR) extracts essential information from them. It also allows integrations with leading ERP software applications such as SAP, Oracle, and Microsoft Dynamics and travel, banking, and business applications.