20 Million dollars raised by Expensya to grow its expense management software. | MENA startups, innovation, and tech news

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20 Million dollars raised by Expensya to grow its expense management software.
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20 Million dollars raised by Expensya to grow its expense management software.

Expensya also known as an end-to-end spend management software, a company founded in 2014 by Jihed Othmani and Karim Jouini in Tunisia, produces automated expense reports for businesses of all sizes through its application as well as website using API tools which helps producing these reports instead of manually writing them, thus Expensya is a time saving and error free solution to making expense reports!

Expensya bridges the gap between success and business as it is advantageous in the following ways:

  • Avoidance of errors which are common when reports are manually written,
  • Requests on reimbursements also causes trouble in the manual way
  • In order to create expense reports through Expensya, one just needs to scan invoices using Expensay’s application.
  • The OCR+ technology enables the software to focus on the important parts of the invoice which are then added in the report after the manager’s approval which is also sent through the app automatically.
  • 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.

In the year 2018, Expensya raised 4.5 million dollars to establish their online expense management software, this 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. While, currently in the year 2021, Expensya claims to have gained a 100 percent progress during the pandemic with gaining over 5000 customers in total from over a 100 countries, its aim at the moment is to focus on product development, international growth and become a leading company in ‘Business Expense Management Solutions.’

Expensya has now become the best-funded Tunisian startup and one of the best-funded SaaS startups of the Middle East & North Africa, after having received an investment from MAIF Avenir and Amman-based Silicon Badia, which is base in Paris of 20 Million Dollars, thus making a total raise of 25 million  dollars. Karim Jouini, the co-founder and CEO of Expensya, when asked about the investment, stated,“This fundraising is a testament to Expensya’s performance and reflects its ambition to be THE leader in 360° expense management. It is a powerful accelerator for the business expense automation market, offering the most comprehensive solution coupled with an optimized experience.”

Namek Zu’bi, Managing Partner of Silicon Badia, said, “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. 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.” Therefore, it seems that the famous quote, “work smart not hard”, has really been proved with their automated expense report generating software, small as well as big business can save a lot of time, effort and costs by using the software and spending the saved time on the growth and progress of the business, Expensya, indeed seems to be conquering leadership in Expense management.

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