Tunisia-based expense reporting startup Expensya has raised an undisclosed amount of funding in order to allow it to improve its technology and expand to new markets.
Launched in 2014, Expensya allows SMEs to more easily report their expenses by capturing them on a phone and hosting them in the cloud, allowing them to manage employee expenses and export the data to several accounting platforms.
The startup now employs almost 20 people selling its services across 23 markets, including the European Union (EU), Australia, the United States (US) and South Africa. France is the company’s biggest market, and founder Karim Jouini told Disrupt Africa Expensya has now raised funding from Tunisian and French angel investors, as well as public investment bank Bpifrance.
“These funds will help us sustain our growth, improve our tech, and go to markets where we need higher investment, like Spain,” Jouini said.
Expensya has a Software as a Service “SaaS) subscription model, with revenues growing at 50 per cent each month and Jouini expecting the startup to hit profitability in the coming months.
“We sell to companies with between one and 1,000 employees, and our sweet spot is around the 100 mark, where the pain is the highest and the company usually has no internal process,” he said.
“For entrepreneurs, the self-employed and SMEs, accounting is a stressful and hard task. There is an “easy” solution to this: hire a great accountant – if you can afford it. Once you do that, you realise that the longest and most painful task is still on your shoulders, managing your expenses and those of your employees.”
Expensya is there to help with that, with the company expanding rapidly since its launch.
“Cloud and app stores are a great way to target customers anywhere,” Jouini said.
“Of course, quite a few things need to be localised, and adapted to the local country’s receipts and fiscal law. But we do that quite fast and listen to our customers.”
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